Gold near six-month high

The yellow metal shot up on Wednesday with the spot price hovering around $1,370 per ounce, a 1.5% gain, and gold's highest spot price since September.

Developments in China and Ukraine are likely the driving forces.

Spot gold price, March 12, 2014

While China's first domestic bond default sank the copper market on Tuesday, it may have boosted gold on Wednesday as signs of unstable financial conditions pushed some investors to wealth-preserving bullion.

Things are also heating up again in Ukraine. A referendum on Crimea's separation is scheduled for Sunday and the country's security council chief has accused Russia of a "massive military buildup" at its borders.

The EU, Canada, Japan, Turkey, and the US have threatened Russia with coordinated sanctions.

"Risk events in China and Ukraine are supportive factors for gold because are generating some safe-haven demand," one analyst told Reuters.