Rising tensions between the Russian Federation and Western nations over Russian military occupation of Ukraine’s Crimea region sent gold soaring in Monday trading. The metal rose as investors looked for safety amid sinking U.S. equities markets. Oil prices also spiked during the day.

Russia has deployed thousands of soldiers into Crimea. The move has provoked strong condemnation and threats of economic sanctions from the U.S. and Europe. On Monday, the situation appeared to worsen with reports that Russian forces in Crimea had delivered a deadline for Ukrainian forces in the area to surrender, a report that Russia has denied.

Gold futures for April delivery jumped 2.2% to $1,350.30 per ounce on Monday, according to CME Group. Gold traded as high as $1,355 and as low as $1,330.7. Bullion closed in London at $1,352, according to BullionVault.

Silver futures for May delivery gained 1.1% to $21.49 per ounce. Monday’s high for silver was $21.74, while the low was $21.26.

Metal funds improved on Monday.

• The SPDR Gold Shares (GLD) rose 2.1%.
• The iShares Gold Trust (IAU) added 2.1%.
• The iShares Silver Trust (SLV) rose 1.3%.

Mining ETFs moved higher during the day.

• The Market Vectors Gold Miners ETF (GDX) increased 1.7%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) moved up 1.5%.
• The Global X Silver Miners ETF (SIL) rose 0.6%.

Gold stocks mostly advanced on Monday.

• Agnico-Eagle Mines (AEM) added 1.3%.
• Barrick Gold (ABX) rose 0.6%.
• Eldorado Gold (EGO) gained 3%.
• Goldcorp (GG) climbed 1.5%.
• Kinross Gold (KGC) sank 0.6%.
• Newmont Mining (NEM) moved up 1.6%.
• NovaGold Resources (NG) increased 1.9%.
• Yamana Gold (AUY) improved 1.2%.

Silver mining shares climbed during the day.

• Coeur d’Alene Mines (CDE) rose 2.4%.
• Hecla Mining (HL) added 1.2%.
• Pan American Silver (PAAS) was flat.
• Silver Wheaton (SLW) increased 0.7%.
• Silver Standard Resources (SSRI) surged 3.1%.

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.