Gold futures on the COMEX division of the New York Mercantile Exchange Wednesday closed at the highest level since Sept. 9 due to worries over Ukraine.
The most active gold contract for April delivery rose 23.8 dollars, or 1.77 percent, to settle at 1,370.5 dollars per ounce.
Several long-term factors are driving up the demand for gold at present, market analysts hold. The tension in Ukraine, currency weakness in the emerging markets; the uncertainty surrounding Syria and Iran, and worries over economic slowdown in China have all boosted the safe-haven appeal of gold.
With all these in the backdrop, global equities traded lower on Wednesday.
Gold has found new support around 1,300 dollars per ounce, market analysts said.
Silver for May delivery gained 54.3 cents, or 2.61 percent, to close at 21.358 dollars per ounce. Platinum for April delivery climbed 11.7 dollars, or 0.8 percent, to close at 1,476.3 dollars per ounce.