Gold advances on unrest in the MENA region

Precious gold edged up for the third day, yet may end the week on losses, on the unrest in the Middle East and North Africa and fears regarding increased in nuclear radiation leaks in Japan.

The previous session, gold added $2.50 or 0.18% after closing at $1403.97, while gold price was setin London at $1403.75 per ounce inclining from $1403.50 during the AM fixing.

Spot gold is currently trading around $1414.35 an ounce after recording a high of $1414.72 and a low of $1401.92.

Still, the clashes are intensifying in Bahrain against Shi'ite protesters, where the government managed to arrest some of the opposition. Yet, concerns that the protests may spread to the oil-rich Saudi Arabia are aggravating, which may push oil prices further.

In Libya, the battles are ongoing but the UN Security Council agreed with imposing no-fly zone over Libyan airspace at around 100 km of Benghazi to protect civilians.

Regarding the situation in Japan, experts are trying to lower that radiations leaking from reactor number 4 of Fukushima Dai-Ichi power plant which pushed the yen to record high against the dollar yesterday before its rebound.

However, today the yen slipped against the dollar where the pair is currently trading at 81.64 compared with yesterday's closing of 79.08 following the announcement of the first intervention in more than a decade by the Group of Seven industrialized nations.

Meanwhile, there is some ease in fears that encountered market since the end of last week with the Japanese devastating quake.

Accordingly, shares advanced, giving a boost to oil which opened on a gap to trade above $103 a barrel.