Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures advanced Monday as unrest continued to roil Libya, prompting safe-haven buying, and as the resulting jump in oil prices stoked fears of inflation. Gold for April delivery rose $5.90, or 0.4%, to $1,434.50 an ounce on the Comex division of the New York Mercantile Exchange. It had earlier traded as high as $1,445.70 an ounce, according to FactSet Research, a fresh intraday high for the metal. Gold�s last record settlement was made on March 2, when it closed at $1,437.70 an ounce. Silver kept its rally going, trading at a new 31-year high. Silver for May delivery added 54 cents, or 1.5%, to $35.865 an ounce.

�Crude oil is the catalyst,� said Scott Meyers, a senior trading analyst with MF Global�s Pioneer Futures division. Fears of unrest in the Middle East and North Africa pushed investors towards gold as a safe-haven against additional uprisings elsewhere, and also as an inflation hedge given the rally for crude oil. People are starting to fear the summer driving season and where prices for energy futures and retail gasoline will be, Meyers added. �Gold is the place where people are parking money.� See full story.