Gold up on Ukraine violence

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as escalating violence in Ukraine increased gold's demand as a safe haven asset.

The most active gold contract for June delivery jumped 19.5 U.S. dollars, or 1.52 percent, to settle at 1302.9 dollars per ounce. Increased tension in Ukraine offset earlier losses from a positive U.S. jobs report that brought unemployment down to 6.3 percent, the lowest since 2008.

The United Nations Security Council held an emergency meeting Friday to discuss Ukraine. Russia requested the meeting to discuss the "serious escalation of violence in Ukraine," further helping gold's rise as a safe haven.

In a midday press conference on Friday, President Barack Obama and German Chancellor Angela Merkel said they would monitor the May 25 election in Ukraine before deciding to impose further economic sanctions on Russia.

Analysts say that next week all eyes will be on the escalation of violence between Ukrainian and pro-Russian forces. Other analysts believe the market has not fully reacted to Friday's encouraging U.S. jobs report and that gold may keep reacting to it next week.

Silver for July delivery gained 50.3 cents, or 2.64 percent, to close at 19.546 dollars per ounce, while platinum for July delivery hiked 13.2 dollars, or 0.92 percent, to close at 1440.7 dollars per ounce.