Gold futures edged up Friday as investors feared that Japan’s earthquake could dampen demand for gold and other commodities but the metal got some safe-haven bidding to support prices.
Gold for April delivery added 40 cents to $1,412.90 U.S. an ounce on the Comex division of the New York Mercantile Exchange.
Gold had come off earlier lows after floor trading got under way, and turned higher in short order, followed by silver futures. Copper kept their losses.
An 8.9-magnitude earthquake rocked Japan at 2:46 p.m. local time, triggering widespread tsunami alerts. With China and the U.S., Japan is a top consumer of commodities.
Uncertainty had kept buyers away from metals, George Gero, a vice president with RBC Wealth Management, wrote in emailed comments.
But the same uncertainty prevailing in the market later on is likely to support gold prices, analysts at Commerzbank wrote in a note to clients Friday.
A "Day of Rage" had been slated for Friday in Saudi Arabia to call for democratic reforms, but no mass demonstrations or violence were reported. No protests materialized in the Saudi capital of Riyadh, The Wall Street Journal reported. On Thursday, police dispersed protesters in the eastern city of Qatif with live ammunition, according to news reports.
Fighting in Libya continued, with forces loyal to the government reportedly driving rebels back from their strongholds. The European Union was holding a summit Friday on Libya issues.
Silver for May delivery added nine cents, or 0.3%, to $35.16 U.S. an ounce.
May copper declined three cents, or 0.8%, to $4.16 U.S. a pound
