Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures on Friday overcame a weak start to settle higher as investors turned to the metal as losses for other commodities such as oil moderated after Japan�s powerful earthquake. Gold for April delivery added $9.30, or 0.7%, to $1,421.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold notched a mild weekly loss, however, down 0.5%. After floor trading got under way Friday, gold came off earlier lows and turned higher in short order, followed by silver futures. Copper futures also eventually followed suit.

An 8.9-magnitude earthquake rocked Japan at 2:46 p.m. local time, triggering widespread tsunami alerts. Along with China and the U.S., Japan is a top consumer of commodities. As oil prices slumped earlier in the day, �the market wasn�t sure which way to go,� and gold opened lower, said Jim Steel, a commodities analyst with HSBC in New York. As oil prices moderated, however, investors returned to gold, some hedging positions ahead of the weekend, he added. See full story.