Gold Edges Higher on Japanese Earthquake, Middle East Turmoil

CHICAGO, Mar. 14 -- Gold futures on the COMEX Division of the New York Mercantile Exchange rebounded on Friday, narrowing the first weekly loss since January, as Japan's devastating earthquake and growing unrest in the Middle East sparked safe-haven demands.

The most active gold contract for April delivery hiked 9.3 U.S. dollars per ounce, or 0.66 percent, to settle at 1,421.8 dollars.

An 8.8 -magnitude earthquake rocked Japan, triggering a 10- meter-high tsunami. Along with China and the U.S., Japan is a top consumer of commodities.

A market analyst noted that in addition to the global impact of the earthquake, the debt crisis in eurozone peripherals is rekindling, and the situation in North Africa and the Arab world remains extremely tense, all of which helped trigger demands for safety and underpinned the metal price.

Gold prices are down 0.5 percent this week, after hitting a record of 1,445.7 dollars on March 7.

Silver for May delivery also gained 86.9 U.S. cents, or 2.5 percent, to 35.935 dollars an ounce. April platinum delivery further climbed 16.1 U.S. cents, or 0.9 percent, to 1,781.7 dollars an ounce.