By Pham-Duy Nguyen – Mar 22, 2011 8:08 AM PT
Gold fluctuated in New York as tensions in the Middle East and Libya boosted demand for an investment haven.
The U.S. said attacks on Libya will ease in the following days. Yemen’s president warned defecting generals they risk dragging the country into a “bloody civil war.” Gold touched a record $1,445.70 an ounce on March 7 as protests ousted leaders in Egypt and Tunisia and spread throughout the region.
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“The Middle East is going to take time to sort out, so gold is well-supported by the ongoing tension,” said Matt Zeman, a market strategist at Kingsview Financial in Chicago.
Gold futures for April delivery slid 30 cents to $1,426.10 at 11:04 a.m. on the New York Mercantile Exchange. Earlier, the price gained as much as 0.4 percent and fell 0.5 percent.
Silver futures for May delivery climbed 36.9 cents, or 1 percent, to $36.37 an ounce on the Comex.
Palladium futures for June delivery dropped $1.60, or 0.2 percent, to $740.70 an ounce on the New York Mercantile Exchange. The metal fluctuated between gains and losses, earlier rising as much as 1.2 percent. Platinum for April delivery fell $6.20, or 0.4 percent, to $1,738.70 an ounce on the Nymex.
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