Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures rose for a fifth day on Friday to approach $840 an ounce as the dollar fell to the lowest level in two weeks against a basket of other major currencies, increasing the metal's appeal as an investment haven. Pakistani opposition leader and former prime minister Benazir Bhutto's assassination on Thursday also played a role in the action in gold. Gold for February delivery rose $7.70 to $839.50 an ounce on the New York Mercantile Exchange. It rose to an intraday high of $840.80 earlier.

Gold is on the rise as traders "factored in the potential ramifications of the turmoil in Pakistan and opted for the safety of long positions in the metal," said Jon Nadler, senior analyst at Kitco Bullion Dealers. "If there is one thing that investors loathe, it is an explosive geopolitical environment. One can always hedge against risk in one fashion or another, but try hedging against uncertainty," Nadler said. See full story.