Gold price rises to $1,418.07 an ounce

LONDON: Gold pared gains on Friday as Libya's declaration of a ceasefire soothed some financial market jitters and hit oil prices, while investors also looked to an intervention in the yen as a move that could calm markets. But bullion remained underpinned by market uncertainty as France said it was still cautious about the ceasefire and as Britain prepared warplanes for action. Gold was at $1,418.07 an ounce at 1306 GMT from $1,402.40 late in New York on Thursday. Earlier the metal was little changed after news China's central bank would raise lenders' required reserves by 50 basis points. Muammar Gaddafi's government declared a ceasefire to protect civilians and comply with a United Nations resolution passed overnight, Libyan Foreign Minister Moussa Koussa said. Gold earlier hit a session high of $1,423.70 an ounce, supported by the United Nation's approval of military action to contain Gaddafi, while unrest in Bahrain has also unnerved investors. Joining the rally, spot silver was at $34.90 an ounce from $34.18, but it came off a session high of $35.36. Platinum was at $1,711.49 an ounce from $1,697.49 and palladium traded at $722.22 an ounce from $704.50. reuters

(Source: http://www.dailytimes.com.pk/default.asp?page=2011%5C03%5C19%5Cstory_19-3-2011_pg5_29)