Gold Holds Up

Source:

"The metal's safe-haven status kept it firmly in positive territory."

Gold gave up some of its gains after the Libyan ceasefire announcement, but the metal's safe-haven status kept it firmly in positive territory.

"The uncertainty across the different global centres is still there and that should support precious metals," said Saxo Bank analyst Ole Hansen.

Gold came off a daily high of over $1,423 an ounce to $1,422.25, up more than 1 percent from late levels in New York on Thursday.

Among industrial metals, copper edged lower after the succession of global crises, but a G7 joint intervention to calm market nerves over the Japanese earthquake disaster helped cushion the losses and boost overall risk appetite.

"Overall we are seeing a rebound in risk appetite and in demand for commodities," Danske Bank Analyst Christin Tuxen said.

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe