Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures on Tuesday settled at their best in nearly five weeks with investors turning to the gold market at the expense of equities, and as conflicts in the Middle East spurred some safe-haven buying. Copper came off a record high to settle lower, while most metals tracked gold higher. Silver settled at a fresh six-week high. Gold for April delivery added $9, or 0.7%, to $1,374.10 an ounce on the Comex division of the New York Mercantile Exchange. That was gold�s highest settlement since Jan. 13. Gold buyers �seeing more political turmoil in Middle East [are] adding to gold positions,� said George Gero, a vice president at RBC Wealth Management, in e-mailed comments.

Protests in Yemen and Bahrain grabbed headlines on Tuesday, after clashes Monday in Iran and days after Egyptian President Hosni Mubarak bowed to popular pressure and resigned. In addition to being jittery about the Middle East, investors were also piling up on gold at the expense of equities, said James Cordier, a portfolio manager at Optionsellers.com in Florida. Money was �looking for a home and it found a home in the gold market,� he said. Many investors think the equities market came up too soon, too fast, and have left the trade, Cordier added. See full story.