Back Approach Record Gold Prices

Written By Unknown on Monday, March 7, 2011 | 11:02 PM


The contract price of gold climbed back up near record prices. Conflict in the Middle East is increasingly fierce to make the price of commodities such as oil and gold surged again.

In at 08.15 Singapore time, fast delivery contract gold prices rose 0.3 percent to 1435.78 U.S. dollars per troy ounce. On 2 March, a record high price of gold incised at the level of 1440.32 U.S. dollars per troy ounce.

Meanwhile, the contract price of gold for April delivery in New York rose by 0.5 percent to 1436 U.S. dollars. Meanwhile, oil prices again traded near its highest level in 29 months.

"emerging oil prices and the increasingly fierce clashes in Libya and the Middle Eastern investors chased back to make gold as the safest investment assets," said Market Pervan, an analyst at ANZ Banking Group Ltd.

Last year, gold prices climbed 30 percent as worries about inflation. In Asia, governments in many countries from China to Indonesia has raised its benchmark interest rate to keep inflation in check.

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