Gold rises after Japanese earthquake, tsunami

The devastating earthquake and subsequent tsunami that struck Japan on Friday drove gold futures higher on Monday as investors sought out a haven asset.The devastating earthquake and subsequent tsunami that struck Japan on Friday drove gold futures higher on Monday as investors sought out a haven asset.

Japanese authorities are testing those who live close to nuclear reactors in the northeastern part of the country for radiation poisoning following the near collapse of nuclear facilities. Japanese authorities are working to prevent multiple nuclear reactors from malfunctioning, pouring seawater into them to prevent them from cracking. A senior nuclear industry executive told The New York Times "they're basically in a full-scale panic" as they endeavor to prevent nuclear waste from entering the environment.Japanese authorities are testing those who live close to nuclear reactors in the northeastern part of the country for radiation poisoning following the near collapse of nuclear facilities. Japanese authorities are working to prevent multiple nuclear reactors from malfunctioning, pouring seawater into them to prevent them from cracking. A senior nuclear industry executive told The New York Times "they're basically in a full-scale panic" as they endeavor to prevent nuclear waste from entering the environment.

The aftereffects of the earthquake are reverberating throughout the global markets, said Archer Financial Services analyst Stephen Platt. "Given the global political and financial uncertainty, you're seeing investors shifting away from dollars and other currencies into hard assets," Platt told Bloomberg in an interview. "You're still going to see a lot of excess liquidity being pumped into these markets that will encourage a flight to metals as a safe haven."The aftereffects of the earthquake are reverberating throughout the global markets, said Archer Financial Services analyst Stephen Platt. "Given the global political and financial uncertainty, you're seeing investors shifting away from dollars and other currencies into hard assets," Platt told Bloomberg in an interview. "You're still going to see a lot of excess liquidity being pumped into these markets that will encourage a flight to metals as a safe haven."

Monday on the Comex in New York, gold futures for April delivery climbed 0.2 percent, or $3.10, to close at $1,424.90 per troy ounce; in the past 12 months, gold futures have jumped 29 percent.Monday on the Comex in New York, gold futures for April delivery climbed 0.2 percent, or $3.10, to close at $1,424.90 per troy ounce; in the past 12 months, gold futures have jumped 29 percent.