Gold climbed for the third straight day on investor demand for an alternative to gyrating currencies.
The Bank of Japan has been pouring cash into the financial system to stabilize money markets following last week’s earthquake. The yen fell the most in more than two years against the dollar as the Group of Seven nations agreed to intervene jointly in the foreign-exchange market.
The U.S. dollar headed for a weekly decline against a basket of six major currencies.
Gold futures for April delivery rose $16.80, or 1.2%, to $1,421 U.S. an ounce late Friday morning on the Comex in New York. The metal reached a record $1,445.70 U.S. on March 7.
Silver futures for May delivery gained 92.7 cents, or 2.7%, to $35.185 U.S. an ounce.
Palladium futures for June delivery climbed $12.05, or 1.7%, to $728.85 U.S. an ounce on the New York Mercantile Exchange.
Platinum futures for April delivery advanced $13, or 0.8%, to $1,719.90 U.S. an ounce.
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