Gold turns higher on safe-haven demand

Gold has surged within the last hours, reversing earlier losses and climbing to fresh highs, benefited by its safe-haven status with cautious mood taking control of financial markets.

The yellow metal gained over $15 during the New York session and printed a high of $1677.47 an ounce in recent dealings. However, from a wider view, gold remains within its recent range between $1652/$1683, an inside day, after very sideways sessions last week.

Gold for April delivery is currently trading at the $1675/oz area, 0.4% above its opening price, having been as low as $1661.80 today.