Friday, March 22nd 11:07 AM IST

Gold heads for highest weekly finish since November

# gold  # comex  # Cyprus crisis  # debt crisis  

The precious metal is on it's course for a weekly gain of about 1.4 percent in its third weekly ascent, its biggest weekly rise in four months.

SINGAPORE(BullionStreet): Gold advanced in Asian trade Friday after lingering euro zone concerns lift it's safe haven asset demand.

Analysts said the precious yellow metal is likely to advance further during the day as last minut talks to end Cyprus woes would boost it's demand further.

Gold for immediate delivery was seen trading at $1614.01 an ounce at 12.30 pm Singapore time while US gold was seen at $1613.33 an ounce on the comex division of nymex.

The precious metal is on it's course for a weekly gain of about 1.4 percent in its third weekly ascent, its biggest weekly rise in four months.

On Thursday, gold futures with a gain, up 0.4% to recoup the previous session's loss and then some, as a for a Cyprus bailout plan wooed investors to the safe-haven arms of the precious metal.

April gold added $6.30 to settle at $1,613.80 an ounce on the Comex division of the New York Mercantile Exchange.

That's the highest settlement for a most-active contract since Feb. 26. Prices fell $3.80, or 0.2%, on Wednesday.

May silver rose nearly 40 cents, or 1.4%, to settle at $29.21 an ounce, the highest close month to date.

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