Futures & Commodities

Gold ends higher on Ukraine tensions, soft dollar

Getty Images

Gold ended at its highest level in three-weeks on Monday, extending the previous session's gains, as simmering tensions in Ukraine and a break above a key chart level fueled buying.

Dealers remained cautious on whether the gains can be sustained, however, as several markets were closed and as outflows from the top physical gold exchange-traded fund continued to indicate bearish sentiment.

U.S. gold futures for June delivery settled $6.40 higher at $1,309.00 an ounce, its highest closing level since April 15.

Spot gold was last up 0.7 percent at $1,309 an ounce after rising to $1,315.00 earlier.

On Friday, the metal hit a one-week low of $1,276.60 after strong U.S. jobs data, but reversed losses to end the day up 1.3 percent on a sharp increase in the number of people dropping out of the workforce and rising Ukraine tensions.

Chart: Precious Metals

Pro-Russia militants stormed a Ukrainian police station in Odessa on Sunday and freed nearly 70 fellow activists as the country's leaders said its police force was undermined by graft or collaboration with separatists.

Weakness in investment has pressured gold in recent weeks. The SPDR Gold Trust, the world's largest gold ETF, said its holdings fell 2.70 tons to 782.85 tons on Friday, bringing its outflow for the week to nearly 10 tons.

For more information on precious metals, please click here.