Gold and silver futures were climbing Friday morning as investors pursued protection for their assets and the United Nations Security Council approved force to defend Libyan civilians, Bloomberg reports.
France and the U.K. are two countries looking into methods of intervening in the Libyan crisis after state troops loyal to embattled leader Muammar Gadhafi's obey his calls to blunt threats to his power. Military action might begin within hours on Friday, according to France.
"The volatile situation in the Middle East and North Africa region, which has led the UN Security Council to agree a no-fly zone, is likely to underpin gold and silver on safe-haven demand," according to a report by James Moore, a London-based analyst with TheBullionDesk.com.
Immediately prior to 8:30 a.m. on Friday, gold futures gained 1.30 percent, an $18.30 climb to $1,422.50 per troy ounce. Silver futures were up 3 percent, a $1.027 increase to $35.285 per troy ounce.
"Tensions in the Middle East have boosted safe-haven flows," according to a Friday report by Dan Smith, an analyst at Standard Chartered. "We expect gold to trend higher in the year ahead."
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