SAN FRANCISCO (MarketWatch) -- Gold prices on Wednesday shrugged off its recent weakness to move back above $1,300 as Ukraine fears cast a shadow over the equity markets.

Gold for December delivery GCZ24, rose $22.90, or 1.8%, to $1,308.20 an ounce, the first time it settled above $1,300 since July 29. September silver US:SIU4 gained 19 cents to $20.02 an ounce.