Gold surges on Yemen turmoil

London (Mar 26)  Gold headed for its longest run of gains in more than two years as Saudi Arabia and its allies started bombing targets in Yemen, boosting demand for a haven.

Gold gained 1 per cent to $1,207.84 an ounce, rising for a seventh day in the longest run since August 2012.

Silver for immediate delivery increased 1 per cent to $17.14 an ounce in London, after touching $17.40, the highest since February 16.

Platinum rose 1.2 per cent to $1,159.25 an ounce and palladium advanced 1.2 per cent to $774.50 an ounce.

The escalation of violence is driving up precious metals prices, along with speculation that the Federal Reserve will delay raising interest rates. Gold prices on Thursday surpassed the 100—day average for the first time since March 2.

Source: BusinessLine