Gold up on geopolitical tensions in Ukraine

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as tensions mounted on borders between Russia and Ukraine, boosting demand for safe haven assets.

The most active gold contract for December delivery rose 22.9 U. S. dollars, or 1.78 percent, to settle at 1,308.2 dollars per ounce.

Gold moved back above 1,300 dollars Wednesday following reports that Russia has amassed troops on the eastern border of Ukraine in the past few days, which raised speculations of a potential invasion to stop Ukrainian troop's recent advances against pro- independence insurgents.

However, some analysts still recommend selling into any rally in gold prices from a technical perspective.

Traders were also shifting their focus to the weekly employment report due out on Thursday and several economic data to be released on Friday.

Silver for September delivery gained 19.1 cents, or 0.96 percent, to close at 20.024 dollars per ounce. Platinum for October delivery rose 9.3 dollars, or 0.64 percent, to close at 1465.2 dollars per ounce.