The U.S. said attacks on Libya will ease in the following days. Yemen’s president warned defecting generals they risk dragging the country into a “bloody civil war.” Gold touched a record $1,445.70 an ounce on March 7 as protests ousted leaders in Egypt and Tunisia and spread throughout the region.
“The Middle East is going to take time to sort out, so gold is well-supported by the ongoing tension,” said Matt Zeman, a market strategist at Kingsview Financial in Chicago.
Gold futures for April delivery rose $1.20 to settle at $1,427.60 at 1:37 p.m. on the New York Mercantile Exchange. The price has gained 2.5 percent in five sessions.
Silver futures for May delivery climbed 26.8 cents, or 0.7 percent, to $36.269 an ounce on the Comex. That’s the highest closing price for a most-active contract since 1980.
Palladium futures for June delivery dropped $4.45, or 0.6 percent, to $737.85 an ounce on the New York Mercantile Exchange. Platinum futures for April delivery fell $5.50, or 0.3 percent, to $1,739.40 an ounce on the Nymex.
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