Metals News
Gold Hikes for Fourth Straight Day
data analysis
10:19AM
Mar 22,2011
Source:SMM

CHICAGO, Mar. 22 -- Gold futures on the COMEX Division of the New York Mercantile Exchange on Monday climbed for a fourth straight trading day, as air strikes in Libya and ongoing nuclear crisis in Japan continued to boost safe-haven demands.

Market analysts said that the current uncertainties are fertile ground for precious metals. Over the weekend, the situation in Libya intensified with the U.S. and its allies implementing air attacks against Muammar Qaddafi's forces.

In Japan, workers continued to work toward restoring power to disabled reactors at the Fukushima Daiichi power plant Monday.

Gold and silver also benefited from demand as an alternative investment, with a softer U.S. dollar and higher crude oil prices, said Mike Daley, a senior metal analyst with PFTBEST.

Meanwhile, silver for May delivery also climbed 94.3 U.S. cents, or 2.7 percent, in the day to close at 36.001 dollars. April's platinum gained 21.5 dollars, or 1.2 percent, to 1744.9 dollars.

 

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