Though precious metals' futures kicked off Friday on the downswing, gold futures are poised to gain for the fourth straight week as prompted by the anti-government demonstrations in Libya, Bloomberg reports.
At 6 a.m. on Friday, gold futures slipped 0.83 percent, an $11.80 drop to $1,404 per troy ounce. Silver futures also were down, dropping 0.96 percent, a 0.32 cent dip to $32.86 per troy ounce.
"As protests in Libya intensify, we expect gold and silver to be underpinned by flight-to-safety demand," according to a Friday report by James Moore, an analyst at TheBullionDesk.com in London.
Gold futures, so far this week, have increased 0.9 percent. Should that trend continue, the precious metal will mark its longest weekly gain since October 2010.
The precious metal struck its record price of $1,432.50 per troy ounce during the first week of December 2010. The contagion of uprisings in Middle Eastern nations might thrust the precious metal beyond those prices, according to analysts.
Libya's embattled leader, Muammar Gadhafi, has fortified his rule of the capital city Tripoli by deploying tanks. His opponents have tightened their control of Eastern Libya, an oil-rich region.
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