PT. Equityworld Futures – Gold headed for the first back-to-back weekly climb since January after Saudi Arabia and its allies started bombing targets in Yemen, boosting demand for a haven as prices posted the longest run of gains in more than two years.

Bullion for immediate delivery traded at $1,203.41 an ounce at 8:21 a.m. in Singapore from $1,204.81 on Thursday, when it rose for a seventh straight day, according to Bloomberg generic pricing. The metal rallied to $1,219.79 on March 26, the highest level since March 2, and is up 1.8 percent this week. Gold traded in Shanghai also headed for a weekly advance.

Investors have historically turned to precious metals during times of geopolitical tension. Gold headed for the first quarterly gain since June as the Saudis headed a coalition of 10 Sunni-ruled nations that carried out raids around Yemen’s capital.

Gold climbed every day since Federal Reserve policy makers signaled last week they’re in no hurry to raise interest rates, weakening the dollar and raising the appeal of bullion. Data on Thursday showed jobless claims dropped to the lowest level since mid-February, spurring a rebound in the U.S. currency.

Gold for June delivery was at $1,203.80 on the Comex from $1,205.70 on Thursday and is set to gain 1.6 percent this week. Bullion of 99.99 percent purity was at 240.80 yuan a gram ($1,205.92 an ounce) on the Shanghai Gold Exchange.

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