Gold surged in heavy Wednesday trading as investors digested a new and tougher warning issued by the G7 nations to Russia over the crisis in Ukraine. Rising tensions over Russia’s occupation of the Crimea region have boosted the metal’s safe haven appeal.

In a statement, the G7 nations denounced Russia’s “clear violation of the sovereignty and territorial integrity of Ukraine.” The language signaled a hardening stance by European nations against the planned referendum on Crimea’s secession from Ukraine, currently planned for Sunday. On Wednesday, the European Union reportedly agreed to a framework of possible economic sanctions against Russia that could be imposed if a diplomatic solution is not found soon.

Gold futures for April delivery jumped 1.8% to $1,370.50 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,371.30 and as low as $1,345.60. Bullion closed in London at $1,367, according to BullionVault.

Silver futures for May delivery gained 2.6% to $21.36 per ounce. Wednesday’s high for silver was $21.44, while the low was $20.82.

Metal funds climbed on Wednesday.

• The SPDR Gold Shares (GLD) increased 1.6%.
• The iShares Gold Trust (IAU) rose 1.6%.
• The iShares Silver Trust (SLV) surged 2.2%.

Mining ETFs advanced during the day.

• The Market Vectors Gold Miners ETF (GDX) gained 3%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) jumped 3.9%.
• The Global X Silver Miners ETF (SIL) added 2.9%.

Gold stocks posted strong gains on Wednesday.

• Agnico-Eagle Mines (AEM) surged 4.6%.
• Barrick Gold (ABX) increased 2.6%.
• Eldorado Gold (EGO) rose 3.6%.
• Goldcorp (GG) gained 3.5%.
• Kinross Gold (KGC) added 1.6%.
• Newmont Mining (NEM) climbed 2.7%.
• NovaGold Resources (NG) moved up 4%.
• Yamana Gold (AUY) advanced 2.4%.

Silver mining shares improved during the day.

• Coeur d’Alene Mines (CDE) rose 2.8%.
• Hecla Mining (HL) gained 3.3%.
• Pan American Silver (PAAS) added 2.8%.
• Silver Wheaton (SLW) advanced 3.8%.
• Silver Standard Resources (SSRI) moved up 3.4%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.