Touch Gold Price Highest Level Again

Written By Unknown on Monday, March 7, 2011 | 10:55 PM


The contract price of gold once again scored a new record for the third time in the last week. Tension growing tense in Libya make investors worry that boosted demand for gold as an investment alternative.

Gold prices highest record in history at the level of 1445.70 U.S. dollars per troy ounce after troops moved towards the Libyan opposition in Tripoli. Meanwhile, military forces loyal to the Moammar Qaddafi to increase the use of military equipment.

Conditions that make the world oil prices again rallied to its highest level in 29 months. Market participants fear, the shocks that occurred in Libya will spread to a number of other areas in the Middle East.

"gold market is very influenced by oil price movements. Investors are worried, the clashes will spread to Saudi Arabia which is the world's largest oil producer," said Frank McGhee, head dealer of Integrated Brokerage Services LLC, in Chicago.

Note only, at 13:32 pm New York time, the contract price of gold for April delivery rose 5.90 dollars or 0.4 percent, so perched on the position of 1434.50 U.S. dollars on the Comex, New York. In the last week, gold prices rallied 1.4 percent.

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