CHICAGO, March 22 (Xinhua) - U.S. gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as tension in Libya and the Middle East continued to drive the demand for safe haven, but the momentum turned weaker increase of five consecutive walks.
The most active gold contract for April delivery rose U.S. $ 1.2, or 0.08 percent, to $ 1,427.6 an ounce.
Market analysts said that news of North Africa and the Middle East rose only safe haven buying, but that sent crude oil prices, also helped support the gold market as expectations of inflation could lead investors to buy gold as a hedge against inflation.
New York, crude oil gained more than $ 1.67 to settle at $ 104 a barrel on Tuesday.
However, an analyst at Chicago, said the European Central Bank (ECB) a statement of "strong vigilance" on inflation probably said that a rise in interest rates are on the road, and many predicted that the ECB will raise rates Next month, weighing on the sentiment of some degree.
A trader said investors often turn to gold every time prices are around $ 1,400, but sold when it comes to 1, 440 dollar mark.
But in the long term, the retailer said it expects "a new force in the metal as it becomes clear that the Federal Reserve is likely to continue its monetary policy capacity."
Meanwhile, silver for May delivery also rose 26.8 U.S. cents, or 0.7 percent, to close at $ 36,269. But in April platinum lost $ 5.5, or 0.3 percent, to $ 1,739.4.
(Source: http://news.xinhuanet.com/english2010/business/2011-03/23/c_13792952.htm)
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