Gold prices climbed above $1,300 U.S. an ounce on Friday, getting a safe-haven boost with Russia reportedly calling for an emergency United Nations meeting to discuss Ukraine.
Support from the increasing tension over Ukraine offset earlier pressure from a stronger-than-expected U.S. jobs report.
Gold for June delivery jumped $19.30, or 1.5%, to $1,302.70 U.S. 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 likely gain, with gold prices trading about 0.2% higher than a week ago, based on the most-active contracts.
July silver spiked 54 cents, or 2.8%, to $19.58 U.S. an ounce, with prices for the most-active contracts down about 0.6% from the week-ago close.
The United Nations Security Council will hold an emergency meeting at noon ET to discuss Ukraine at the behest of Russia, according to press reports. Russia wants to discuss the "serious escalation of violence in Ukraine," according to AFP.
U.S. benchmark equities indexes turned lower following the news, luring more investors to the perceived safety of gold.
Elsewhere in metals trading, July platinum added $16.70, or 1.2%, to $1,444.20 U.S. an ounce, up about 1.4% for the week, while June palladium rose $1.85, or 0.2%, to $816 U.S. an ounce, with prices up about 0.6% for the week. Russia is a key producer of platinum group metals.
High-grade copper for July delivery rose nearly four cents, or 1.2%, to $3.06 U.s. a pound. Prices, based on the most-active contracts, were set to lose 2.1% on the week.
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