Gold recovered some of the hefty losses it suffered in the previous session today (March 4th) as unrest continued in Libya.
Those involved in commodities trading saw support for the precious metal from investors looking for safety while the threat of violence remains in north Africa and the possibility that it could spread to the wider Middle East, Reuters reports.
Spot gold reached $1,418.55 (£870.44) an ounce after falling to $1,415.59 in New York late yesterday.
Moves in gold trading remained muted, however, as investors are waiting for the release of US non-farm payrolls data later today.
Commerzbank said in a note that it expects a weakening of the dollar against the euro to support gold prices going forward, with the Federal Reserve still showing no signs of tightening monetary policy.
Earlier in the week, the gold price reached a record high as escalating violence in Libya saw investors seek refuge in safe assets.
