Gold futures finish sharply higher on safe haven bets
Gold futures finished sharply higher on Friday, kindled by the safe-haven appeal of the bullion amidst escalating conflict in the Middle East. Additionally, sluggish US labour market numbers, jitters over heightened inflation with soaring oil rates and softer dollar also boosted investment appeal of the precious metal. However, the yellow metal for the most active contract marked a weekly decline of about 1.7%, after four consecutive weekly gains.
Gold futures for April delivery soared by $80 or 1.6% to settle by $5,158.70 an ounce on the Comex division of the New York Mercantile. While, spot gold surged by $89.44 or 1.76% to $ 5,171.74 an ounce.
