SAN FRANCISCO (MarketWatch)—Gold futures dropped Friday on tame U.S. inflation data, but recouped earlier losses as haven demand emerged following news of clashes between Ukrainian and Russian forces.

December gold futures GCZ24, fell $9.50, or 0.7%, to $1,306.20 an ounce. For the week, gold futures shed 0.4%. September silver US:SIU4 lost nearly 38 cents, or 1.9%, to trade at $19.53 an ounce.