Gold Rises to Record on Unrest, Inflation Concern; Silver Gains

Gold futures climbed to a record for the third time in a week as escalating violence in Libya and concern that inflation will accelerate boosted demand for the metal as an investment haven. Silver rose to a 31-year high.

Gold reached an all-time high of $1,445.70 an ounce as Libyan rebels moved along the coast toward Tripoli and government troops loyal to Muammar Qaddafi escalated their use of force. Crude oil extended a rally to a 29-month high in New York on concern that turmoil will spread to Middle East producers.

“The gold market is eyeing oil,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “The concern is that the unrest will spill over to Saudi Arabia as an ever-expanding world is using more and more oil every day.”

Read Full Article from Bloomberg

- Posted: 2011-03-07 13:06:45

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