Gold futures end higher as Ukraine tensions spike

Gold futures on the COMEX division of the New York Mercantile Exchange ended higher on Monday as the escalating crisis in the Ukraine spurred a flight to safe-haven assets, lifting prices to their highest settlement since late October.

The most active gold contract for April delivery rose 28.7 U.S. dollars, or 2.17 percent, to settle at 1,350.3 dollars per ounce. FactSet data show, based on the most-active contracts, gold prices marked their highest settlement since Oct. 28.

Gold has benefited from the uncertainty in Ukraine, according to market analysts, so any bulls with a renewed sense of optimism towards the precious metal could have the 1,360 dollars per ounce in their sights. As long as the Ukraine issue remains in the headlines, geopolitical concerns will continue to influence the gold market.

Geopolitical tensions mounted after Ukrainian Prime Minister Arseniy Yatsenyuk said Sunday that his country was on the brink of disaster after Russia's parliament authorized President Vladimir Putin to use military force in Ukraine, reports say.

Silver for May delivery rose 24.4 cents, or 1.15 percent, to close at 21.485 dollars per ounce.