Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures ended higher Wednesday following media reports that Iranian warships were headed to training maneuvers in Syria through the Suez Canal, spurring safe-haven buying. Gold had wavered between small gains and losses throughout the session as tensions in the Middle East, as well as worries about inflation and the European sovereign debt crisis, supported buying, but the metal had felt the pinch of a stronger dollar. The dollar has since turned lower. Gold for April delivery closed up $1 to $1,375.10 an ounce on the Comex division of the New York Mercantile Exchange.

�Anything that brings geopolitical instability, that�s the signal for investors to buy gold,� said Adam Klopfenstein, a senior trading analyst with Lind Waldock in Chicago. Two Iranian warships were making their way through Syria through the Suez canal, Israel�s foreign minister was quoted as saying. He described the move as a �provocation� by the Iranian government. See full story.