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Make Money Blog$ - Gold rose above $ 1,390 per ounce on Friday, posted the bestweekly performance since December, supported by concerns overEurope's debt crisis, rising inflation and growing unrest in the Middle East.
The increase in investment buying of gold triggered a strong actionin silver, which jumped to the highest 31 years, to widen the distance increases further silver to the gold and send thegold-silver ratio to its lowest level in 13 years.
The yield on the five-year government bond touched the highest in the history of Portugal Europe on Friday, after the European zonesource told Reuters that the European bloc is increasingly concerned about the fiscal situation and believe in Lisbon Portugalwill need to seek bailout in April.
Gold is also useful as a safe haven as fears about political stabilityin the region has increased this week, with the unrest spread after aprotest in Tunisia and Egypt, overthrowing the leader there.
Spot gold rose 0.3% to $ 1,386.75 at 2:34 pm, after earlier reachinga five-week high of $ 1,391.75. Gold has risen in five consecutivesessions, the longest consecutive increase since September. Andclimbed almost 3% for the week.
U.S. gold futures for April delivery settled up $ 3.50 at $ 1,388.60per ounce, with a volume of about 50% below the average 30-days.This is in line with lower volume than normal recently, indications ofpossible easing of trade interests.
Silver was up 2.1% to $ 32.42 after reaching a high $ 32.86, the strongest level since 1980.
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