Gold pared gains after
hitting a 3-1/2-week high on Thursday, after a knee-jerk reaction to
escalating tensions in the Middle East knocked stocks and drove
investors into assets viewed as lower-risk, such as bullion and German
bonds.
Silver rose nearly 3 percent to the highest level in more than five weeks before coming off its highs.
Stock markets
worldwide were knocked lower and oil prices jumped after Saudi Arabia
and its allies conducted air strikes in Yemen that fueled worries Middle
East energy shipments may be put at risk. Wall Street later recovered.
The dollar was down
earlier against the euro but recovered in New York trading on the view
central bank policy was more favorable for the U.S. currency.
Spot gold reached a
peak of $1,219.40 an ounce, before retreating to trade up 0.6 percent at
$1,195.25 at 2:47 p.m. EDT (1847 GMT). U.S. gold for April delivery
settled up $7.80 an ounce at $1,204.80.
Gold was heading for a seventh session of gains, its longest winning streak since August 2012.
Source : Reuters
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