Gold Rallies for Second Week as Yemen Conflict Increases Demand

PT. Equityworld Futures - Gold headed for the first back-to-back weekly climb since January after Saudi Arabia and its allies started bombing targets in Yemen, boosting demand for a haven as prices posted the longest run of gains in more than two years.
Bullion for immediate delivery traded at $1,203.41 an ounce at 8:21 a.m. in Singapore from $1,204.81 on Thursday, when it rose for a seventh straight day, according to Bloomberg generic pricing. The metal rallied to $1,219.79 on March 26, the highest level since March 2, and is up 1.8 percent this week. Gold traded in Shanghai also headed for a weekly advance.
Investors have historically turned to precious metals during times of geopolitical tension. Gold headed for the first quarterly gain since June as the Saudis headed a coalition of 10 Sunni-ruled nations that carried out raids around Yemen’s capital.
Gold climbed every day since Federal Reserve policy makers signaled last week they’re in no hurry to raise interest rates, weakening the dollar and raising the appeal of bullion. Data on Thursday showed jobless claims dropped to the lowest level since mid-February, spurring a rebound in the U.S. currency.
Gold for June delivery was at $1,203.80 on the Comex from $1,205.70 on Thursday and is set to gain 1.6 percent this week. Bullion of 99.99 percent purity was at 240.80 yuan a gram ($1,205.92 an ounce) on the Shanghai Gold Exchange.
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Gold Trims Weekly Advance as Yemen Conflict Weighed With Dollar

PT. Equityworld Futures - Gold pared the first back-to-back weekly climb since January as investors weighed a rising dollar against demand for a haven after Saudi Arabia and its allies started bombing targets in Yemen.
Bullion for immediate delivery fell as much as 0.4 percent to $1,200.10 an ounce and was at $1,204.47 at 2:50 p.m. in Singapore, reducing this week’s gain to 1.9 percent, according to Bloomberg generic pricing. The metal rallied to $1,219.79 on March 26, the highest level since March 2, as it capped seven days of gains, the longest run of advances since 2012. Gold in Shanghai headed for the first weekly advance in seven.
Investors have historically turned to precious metals in times of geopolitical tension. Gold was set for the first quarterly gain since June as the Saudis headed a coalition of 10 Sunni-ruled nations that carried out raids around Yemen’s capital. Saudi Arabia’s southern neighbor is near the center of world energy trade, and oil is poised to post the biggest weekly gain since 2011 amid concern supplies may be disrupted. The Bloomberg Dollar Spot Index rose the most in a week on Thursday.
Data on Thursday showed jobless claims dropped to the lowest level since mid-February. Fed Bank of Atlanta President Dennis Lockhart said the economy can handle moving to a higher-rate environment. Fed Chair Janet Yellen is scheduled to speak on monetary policy in San Francisco on Friday.
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Gold Logs First Fall in 8 Sessions

PT. Equityworld Futures - Gold futures settled with a loss on Friday, putting an end to a seven-session stretch of gains that had lifted prices to their highest level in more than three weeks.
Prices rallied particularly strongly over the past two trading sessions as declines in global equities and turmoil in Yemen helped buoy safe-haven investment demand for the metal.
Gold for April delivery   shed $5, or 0.4%, to settle at $1,199.80 an ounce Friday on Comex. During their seven-session climb, gold futures tallied a total gain of 4.9%. For the week, prices gained 1.3%.
May silver  settled down 7.1 cents, or 0.4%, at $17.069 an ounce, leaving it with a weekly gain of 1.1%.
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Gold, Silver Head for Weekly Rallies as Dollar Drop Spurs Demand

PT. Equityworld Futures - Gold and silver were poised for the biggest weekly rallies since January as declines for the dollar increased the appeal of precious metals as alternative investments.
The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, headed for the steepest weekly drop since 2011.
Gold and silver prices declined last week as investors exited in anticipation of an increase for borrowing costs. Higher rates cut gold’s allure because the metal generally offers returns only through prices gains, sending investors to assets with better yield prospects such as bonds.
Gold futures for April delivery rose 1.1 percent to $1,181.30 an ounce at 10:29 a.m. on the Comex, heading for a weekly advance of 2.5 percent. That would be the biggest gain since Jan. 16.
Silver futures for May delivery jumped 3.3 percent to $16.645 an ounce on the Comex, poised for a weekly increase of 7.4 percent, also the most since Jan. 16.
The Bloomberg Commodity Index of 22 raw materials rose as much as 1.5 percent.
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