Gold futures settled at a record high on Wednesday as a rally for crude reinforced fears of inflation and investors remained concerned about the Middle East and North Africa and Japan. Gold for April delivery rose $10.40, or 0.7%, to $1,438 an ounce.
That was enough to beat the previous record settlement of March 2, when gold closed at $1,437.70 an ounce. “Instead of looking for a reason to buy gold, no one can find a reason not to buy gold,” said Adam Klopfenstein, a senior market strategist with Lind Waldock in Chicago. The Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) gained 3.60% on Wednesday.
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