Ukraine crisis propels gold back over $1,300

London (May 5)   Since Friday the spot price of gold has gained about two percent - from around $1,280 an ounce to over $1,310 an ounce at presstime - as the crisis in Ukraine took a turn for the worse, with widespread reports of chaos.

The price of gold surged Friday, up about $20 an ounce to just over $1,300 and continued its drive Monday, breaking above $1,310 in the past few hours.

Gold's surge began mid-morning, Eastern Standard Time, on Friday as violence in Ukraine erupted and U.S. President Barack Obama and German Chancellor Angela Merkel held a lengthy press conference, mainly addressing the renewed tensions and the possibility of more biting sanctions against Russia.