Gold rises above $1,300 per ounce

Gold futures on the COMEX division of the New York Mercantile Exchange rose above 1,300 dollars per ounce on Friday on escalating tensions in Ukraine. The most active gold contract for June delivery rose 10.2 dollars, or 0.79 per cent, to settle at 1,300.8 dollars per ounce. Gold closed the week with again at 0.5 per cent. Tensions between Ukraine and Russia have escalated as Ukrainian Prime Minister Arseniy Yatsenyuk accused Russia of wanting to start a third world war by occupying Ukraine, while the US and its allies warned of more sanctions against Russia. The Standard & Poor’s Ratings Services has downgraded Russia’s credit rating to one notch above junk. Upbeat economic data released Friday failed to dampen gold. A report from the University of Michigan and Thomson Reuters showed that US consumer sentiment rose to a final April reading of 84.1, the highest reading since July, from a final March level of 80. A broad decline in U.S. equities also boosted gold. Silver for May delivery rose 0.3 cents, or 0.02 percent, to close at 19.691 dollars per ounce. Platinum for July delivery gained 14.7 dollars, or 1.04 percent, to close at 1,424.3 dollars per ounce, according to a news agency.