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by Stockwatch Business Reporter

New York spot gold closed up $8.20 to $1,326.60 Monday, as tensions between Russia and Ukraine continued to escalate. The European Union said it will add to its 51 Russians currently facing sanctions, while President Barack Obama said he is assessing this weekend's violence. Goldman Sachs is keeping its 2014 gold price target at $1,050 an ounce. Here in Canada, the TSX Venture Exchange slipped 1.77 points to 996.01, while the TSX Gold Index rose 2.18 points to 186.38.

Gold miners in Canada followed bullion higher. Goldcorp Inc. (G) rose 13 cents to $26.58, Eldorado Gold Corp. (ELD) added 17 cents to $6.63, Alamos Gold Inc. (AGI) climbed six cents to $10.18 and Agnico Eagle Mines Inc. (AEM) rose 58 cents to $34.61. Northern media outlets have been making a fuss over a $5-million donation, which Agnico chairman James Nasso has promised to a Nunavut university. He made the announcement last Friday at the Nunavut Mining Symposium, bringing the crowd to their feet for a long standing ovation. Agnico will donate the money only after a school is built; plans are still in the discussion stage. Agnico is wise to stay friendly with Nunavummiut officials. Its one gold mine in the territory, Meadowbank, is the subject of an environmental investigation, and the company is hoping to receive permits for a second Nunavut gold mine, Meliadine, later this year.

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