Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled higher Friday and silver futures topped $35 an ounce as still-nervous investors decided for the safe-haven trade ahead of the weekend amid potential for more turmoil in the Middle East and North Africa. Gold for April delivery advanced $12.20, or 0.9%, to settle at $1,428.60 an ounce on the Comex division of the New York Mercantile Exchange. The metal gained 1.4% on the week. May silver added $1, or 2.9%, to $35.33 an ounce, a fresh 31-year high for the metal. Silver has hit a string of three-decade highs in recent months, and more than doubled its price in a year. The metal gained 7.4% on the week.

Both silver and gold benefitted from risk aversion back in the markets, said Matt Zeman, a trader and market strategist with Kingsville Financial. �There are just too many wild cards right now to sleep well at night,� Zeman said. Investors concerns have centered around the events in the Middle East and North Africa, the rally in oil and inflation fears. See full story.