Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures advanced Friday as investors were uncertain Libya�s government was true to its words and had halted fighting in the rebel-controlled eastern cities. Libya�s government said it would agree to a cease-fire after the United Nations late Thursday approved a no-fly zone over the country and authorized military action to protect civilians. According to news reports, fighting has continued. Secretary of State Hillary Clinton told reporters the U.S. is not �impressed by words. We would have to see actions on the ground, and that is not yet at all clear.� President Barack Obama later Friday urged Libya�s leader, Col. Moammar Gadhafi, to immediately cease fire, or the UN resolution �will be reinforced by military action,� although he said there will be no deployment of ground troops to Libya.

Gold for April delivery gained $11.90, or 0.9%, to $1,416.10 an ounce on the Comex division of the New York Mercantile Exchange. �The main driver today is Mideast unrest,� said Frank Lesh, broker and futures analyst with FuturePath Trading in Chicago. �In addition, we have a weaker dollar pushing not only gold but a lot of other commodities higher.� See full story.