Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed higher Monday as uncertainty surrounding the conflict in Libya, as well as the nuclear crisis in Japan, lured investors to the precious metal as an investment refuge, lifting gold prices by more than $10 an ounce. �The current uncertainties are fertile ground for precious metals,� analysts at Commerzbank said in a note to clients Monday. Gold futures April delivery closed up $10.30, or 0.7%, at $1,426.40 an ounce on the Comex division of the New York Mercantile Exchange after tapping a high of $1,435.10. Prices marked their highest closing level since March 9.

�Prices have firmed owing to increasing tensions in Libya after western forces launched military attack in the region,� analysts at ICICI Bank wrote in a research note. Over the weekend, the situation in Libya intensified with the U.S. and its allies implementing air attacks against forces loyal to Col. Moammar Gadhafi. And in Japan, workers continued to work toward restoring power to disabled reactors at the Fukushima Daiichi power plant Monday. See full story.