Gold futures up on volatile currencies

Gold futures climbed in trading on Friday after an unsettled currency market boosted the metal's appear as an alternative currency.Gold futures climbed in trading on Friday after an unsettled currency market boosted the metal's appear as an alternative currency.

G-7 leaders met this week and announced they would work together to intervene in the currency markets to keep the Japanese yen from rising precipitously in the aftermath of last week's earthquake and tsunami. Japan is the world's third-largest economy and the G-7 vowed to ensure the currency markets were not disrupted; it is very rare for the Group of 7 to announce a joint currency intervention. G-7 leaders met this week and announced they would work together to intervene in the currency markets to keep the Japanese yen from rising precipitously in the aftermath of last week's earthquake and tsunami. Japan is the world's third-largest economy and the G-7 vowed to ensure the currency markets were not disrupted; it is very rare for the Group of 7 to announce a joint currency intervention. 

The dollar is on pace to decline against a basket of six other currencies this week; the movement in the currency markets is driving investors to gold, said Frank Lesh, a trader at FuturePath Trading. "People look at the moves in the currencies, and they want to buy gold as a safe haven," Lesh told Bloomberg. "Gold is an international currency and a stable currency at the moment." The dollar is on pace to decline against a basket of six other currencies this week; the movement in the currency markets is driving investors to gold, said Frank Lesh, a trader at FuturePath Trading. "People look at the moves in the currencies, and they want to buy gold as a safe haven," Lesh told Bloomberg. "Gold is an international currency and a stable currency at the moment." 

On the Comex in New York on Friday, gold futures for April delivery rose 1.1 percent, or $15.80, to trade at $1,420 per troy ounce. On March 7, the yellow metal reached a record $1,445.70 per troy ounce. On the Comex in New York on Friday, gold futures for April delivery rose 1.1 percent, or $15.80, to trade at $1,420 per troy ounce. On March 7, the yellow metal reached a record $1,445.70 per troy ounce.