Gold Prices Jump To Highest Levels In Almost A Month

(RTTNews) - The price of gold has moved sharply higher during trading on Friday, more than offsetting the weakness seen in the previous session to reach its highest levels in almost a month.

After falling $32 or 0.6 percent to $5,194.20 an ounce during Wednesday's session, gold for April delivery has jumped $52.90 or 1.0 percent to $5,247.10 an ounce.

The notable increase by the price of gold comes as the precious metal benefits from its appeal as a safe haven amid heightened geopolitical tensions in the Middle East and elsewhere.

Concerns remain over possible U.S. military action against Iran after diplomatic efforts between the two countries aimed at easing tensions over Tehran's nuclear program concluded on Thursday without an agreement.

Following meetings in Switzerland, Oman's Foreign Minister Badr Albusaidi "significant progress" was made in the third round of nuclear negotiations between the U.S. and Iran and revealed "discussions on a technical level will take place next week in Vienna."

Elsewhere, Pakistan has declared open war against Afghanistan, launching Operation Ghazab Lil Haq with extensive airstrikes against Taliban targets in Kabul, Kandahar and Paktia amid fierce border clashes.

In U.S. economic news, the Labor Department released a report this morning showing producer prices in the U.S. increased by more than expected in the month of January.

The report said the Labor Department's producer price index for final demand climbed by 0.5 percent in January after rising by a downwardly revised 0.4 percent in December.

Economists had expected producer prices to rise by 0.3 percent compared to the 0.5 percent increase originally reported for the previous month.

The Labor Department also said the annual rate of producer price growth edged down to 2.9 percent in January from 3.0 percent in December. Economists had expected yearly growth to slow to 2.8 percent.