Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures tacked on $10 Thursday, as continued unrest in the Middle East made the metal more attractive as a safe-haven investment, lifting gold prices to their highest closing level in five weeks. Gold for April delivery closed up $10, or 0.7%, at $1.385.10 an ounce on the Comex division of the New York Mercantile Exchange. That marked the highest closing price for a most-active contract since Jan. 13. Gold had gained $1 Wednesday. Other metals rallied with silver advancing 3.1%.

Reports of unrest in Bahrain, Yemen and other Arab countries have unsettled markets. In addition, Iranian state TV on Thursday said warships were en route to the Suez Canal. �Gold�s been aided by geopolitical worries, specifically the hubbub over [possible] Iranian warships in the Suez Canal,� said Brien Lundin, editor of Gold Newsletter. Weakness in the U.S. dollar also contributed to gold�s gains during the session. A weaker dollar is positive for metals and other dollar-denominated commodities as it renders them cheaper for holders of other currencies, adding to their investment appeal. See full story.