Gold and Silver Price Update. Continuing Advances in Gold for Tenth Consecutive Quarter.

Gold prices are on the verge of registering a tenth consecutive quarterly increase, which is the longest increasing streak in three decades. Gold future for June delivery was at USD $ 1428.30 an ounce in NYMEX, registering an increase of 0.24 percent from its previous day’s price.

The attractiveness of gold as a safe-haven was still the major reason for its price gains. The Libyan civil war is moving towards a deadlock, with the rebels still not able to make substantial advances, in spite of air strike supports from the Western coalition forces. With a prolongued crisis in Libya, an impending nuclear catastrophe in Japan, and the effects of the Japan earthquake on the world economy yet to unravel itself properly, gold is expected to continue gaining advances in the coming days.

Silver future increased by 0.52 percent to be at USD $ 37.705 per ounce.