Gold surges above $1,400/oz on safe-haven demand

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LONDON (MarketWatch) -- Gold futures surged above $1,400 an ounce in electronic trading on Globex, as ongoing political unrest in the Middle East and North Africa unnerved investors and prompted them to seek a safe haven in the precious metal. Gold for April delivery rallied $14.40 to $1,403 an ounce in electronic trading on Globex. Gold is typically seen as a safe-haven investment, and gold prices tend to gain at times of political and economic turmoil. Meanwhile, silver futures also soared, with the March contract rising $1.16, or 3.6%, to $33.45 an ounce on Globex.

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