By Sarah Turner, MarketWatch
LONDON (MarketWatch) — Gold futures advanced Monday, extending gains made last week, as unrest continued to roil the Middle East and North Africa.
Gold for April delivery (GCJ11 1,443, +14.10, +0.99%) rose $9.80 an ounce to $1,438.30 in electronic trading.
The precious metal rose more than $12 in regular trading on New York on Friday, as still-nervous investors opted for the safety of gold ahead of the weekend.
“Investors, who are afraid of a possible impact of higher oil prices on both inflation and economic growth, are (apart from oil) attracted by the precious metal complex,” wrote strategists at KBC Bank in Brussels.
Libya remains the scene of fighting between pro- and anti-government forces, with each side claiming control of a major oil port on Sunday. Read more on Libya.
“Traders [are] pulling money out of equities and going to cash or safe-haven assets like precious metals in response to the deteriorating situation in the Middle East and North Africa,” said Ben Potter, strategist at City Index.
