Gold settled above $1,300 an ounce today, snapping a four-day slump as the escalating violence in Ukraine and a call from Russia for an emergency United Nations meeting fueled safe-haven demand for the metal.
Support from the increasing tension over Ukraine offset earlier pressure from a stronger-than-expected U.S. jobs report.
Gold for June delivery climbed 1.5 percent to finish at $1,302.90 an ounce on the Comex division of the New York Mercantile Exchange.
Prices had turned negative after the employment data, seesawed between losses and gains, then rallied following news reports surrounding Russia and Ukraine.
The rally turned a potential weekly loss into a gain, with gold prices ending about 0.2 percent higher than a week ago.
Ukraine sent armored vehicles and artillery to retake Slovyansk, a stronghold for pro-separatist forces, defying Russian President Vladimir Putin’s demand to pull back troops with Russia’s army massed across the border.
In other metals, July silver shot up 2.6 percent to finish at $19.55 an ounce, with prices based on the most-active contracts down about 0.7 percent from the week-ago close.
July platinum advanced 0.9 percent to finish at $1,440.70 an ounce, up more than 1 percent for the week, while June palladium slid 0.2 percent to $812.40 an ounce, with prices up about 0.2 percent for the week. Russia is a key producer of platinum group metals.
High-grade copper for July delivery increased nearly 1.6 percent to $3.07 a pound. Prices, based on the most-active contracts, lost 1.8 percent on the week.
In energy markets, oil futures finished higher today, rebounding a bit from two sessions of declines on the back of reports of escalating tensions in Ukraine and a call from Russia for an emergency meeting of the United Nations Security Council.
June oil ticked up 0.3 percent to finish at $99.76 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, futures prices fell 0.8 percent for the week.