Gold surges as Yemen turmoil boosts precious metals

LONDON: 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 USD 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 USD 17.14 an ounce in London, after touching $17.40, the highest since February 16.

Platinum rose 1.2 per cent to USD 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.