Metals News
Gold Continues to Climb As Safe-Haven Demand Revives
data analysis
Mar 21,2011

CHICAGO, Mar. 21 -- Gold futures on the COMEX Division of the New York Mercantile Exchange moved up for the third session in a row on Friday, as heightening political tensions across the Arab world along with currencies risk prompted investors to seek a shelter in gold.

The most active gold contract for April delivery rose 11.9 dollars, or 0.8 percent, to 1,416.1 dollars per ounce.

Increasing safe-haven demand helped lift gold price on Friday, as escalating unrest in Yemen and Bahrain heightened investors' fear over energy prices and political instability in the Middle East.

Meanwhile, although the UN Security Council adopted a resolution to impose a ban on all flights in Libya's airspace and Libya's foreign minister declared an immediate ceasefire on Friday, the uncertainty over the situation in the country also helped to drive gold price higher.

The world's seven largest industrialized countries have agreed to the first coordinated currency intervention in over a decade to lower the value of the Japanese yen. Japan's currency has soared since an earthquake struck the country last Friday.

The effort helped to push the euro and the dollar higher against the yen earlier in the session, but the safe-haven dollar dropped against most other currencies on Friday, increasing gold's appeal as an alternative asset, as a weaker dollar usually makes the dollar-denominated gold cheaper for holders of other currencies.

Silver for May delivery surged 80 cents, or 2.3 percent, to 35. 058 dollars an ounce. April platinum added 16.5 dollars, or 1 percent, to 1,723.4 dollars an ounce.


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