BLBG: Gold Futures Rise for Second Day on Haven Demand; Silver Gains
Gold futures rose for the second straight day on demand for the precious metal as an alternative to stocks and government bonds. Silver also gained.
U.S. unemployment in February surged to 8.1 percent, the highest in 25 years. Global equities headed for the fourth straight weekly decline. U.S. Treasuries are down 2.5 percent this year through yesterday, while gold gained 4.9 percent.
“Too much slowing and too much uncertainty brought back longs to the gold market,” said Tom Hartmann, a commodity analyst at AltaVest Worldwide Trading Inc. in Mission Viejo, California.
Gold futures for April delivery rose $5.60, or 0.6 percent, to $933.40 an ounce at 9:41 a.m. on the Comex division of the New York Mercantile Exchange. Yesterday, the price climbed 2.3 percent, halting an eight-session slide.
Silver futures for May delivery climbed 15 cents, or 1.1 percent, to $13.27 an ounce. The metal was up for the third straight day.
