Gold rises on political instability in Ukraine

Gold futures on the COMEX division of the New York Mercantile Exchange rose Thursday as escalating tension in Ukraine increased the appeal of safe-haven gold.

The most active gold contract for April delivery rose 3.8 US dollars, or 0.29 percent, to settle at 1,331.8 dollars per ounce.

Economic data released Thursday supported gold as well. US Labor Department said that the initial jobless claims climbed 14, 000 to a seasonally adjusted 348,000 in the week ended Feb. 22, beating economists' expectation of 335,000. Meanwhile, orders for US durable goods fell 1 percent in January.

Federal Reserve Chair Janet Yellen's testimony in Congress did not offer any surprise to investors at all. She reiterated that she expects the economy to continue to improve in 2014, giving the Fed the leeway to wind down its bond-buying stimulus program.

Silver for May delivery gained 6.3 cents, or 0.3 percent, to close at 21.352 dollars per ounce. Platinum for April delivery climbed 24.3 dollars, or 1.7 percent, to close at 1,453.4 dollars per ounce.