The gold price closed above $1,300 yesterday as voters in the East of Ukraine voted for self-rule. Both Ukrainian and Western governments declared the elections legal and even Russian president Vladimir Putin requested that the pro-Russian separatists postpone their referendum until the end of May. Observers are becoming increasing fearful the country could slide into a civil war. Traditionally gold is held as a hedge against political and economic uncertainty.

Today gold traders will be looking to the U.S. Federal Budget announcement for further insight into the state of the world’s largest economy.