Gold rose to a three-week high as mounting tensions in Egypt spurred demand for the precious metal as an investment haven.
Egyptian President Hosni Mubarak defied calls for his immediate resignation as thousands of protesters demanded an end to his 30-year rule. Gold headed for the third straight weekly gain after slumping 6.1 percent in January. In 2010, the price jumped 30 percent, the 10th straight annual gain.
“All eyes are on Egypt,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “The crisis turned the gold market, so gold hasn’t technically had a correction. If it becomes a bloody revolution, gold will be seen as a haven.”
Gold futures for April delivery rose $4.30, or 0.3 percent, to $1,366.80 an ounce at 10:50 a.m. on the Comex. Earlier, the price reached $1,369.70, the highest for a most-active contract since Jan. 20.
Silver futures for March delivery climbed 6.6 cents, or 0.2 percent, to $30.16 an ounce.
Palladium futures for March delivery fell $1.60, or 0.2 percent, to $819.30 an ounce on the New York Mercantile Exchange.
Platinum futures for April delivery dropped $2.20, or 0.1 percent, to $1,828.60 an ounce.
Source: Bloomberg By
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