Gold futures on the COMEX division of the New York Mercantile Exchange rose Monday on the results of referendums held in two pro-Russia regions in Ukraine Sunday.
The most active gold contract for June rose 8.2 U.S. dollars, or 0.64 percent, to settle at 1,295.8 dollars per ounce.
Tensions rose in Ukraine, increasing gold's safe-haven appeal as pro-Russian separatists won Sunday's referendums. Looking at a variety of possible situations, including sanctions on Russia, Russia's reaction to those sanctions, and the impact on the European economy, market analysts believe that Ukraine is the only support for gold prices at the moment.
Despite U.S. equities rallying Monday, very little attention was diverted from gold. Moreover, the 2014 Indian elections will likely result in a victory to the National Democratic Alliance, a party which supports the lifting of import restrictions on gold, increasing gold's appeal.
But some market analysts remained downbeat on the outlook for gold.
Silver for July delivery gained 42.2 cents, or 2.21 percent, to settle at 19.54 dollars per ounce. Platinum for July delivery climbed 12 dollars, or 0.84 percent, to close at 1,441.9 dollars per ounce.