Gold rose to a record of $1,435.60 an ounce in New York as unrest in Libya spurred demand for the metal as an investment haven.
Libya’s opposition gained support from the U.S. and European nations as Muammar Qaddafi sent forces to regain lost territory. Protests spread in the region, partly because food prices have soared. Crude oil in New York topped $100 a barrel today as Iranian protesters clashed with security forces in Tehran. Gold rose for the 10th time in 11 sessions.
“The continued violence in the Middle East is bringing in new buyers and spurring gold to new territory,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “The rush to economic health is fading. Crude above $100 is an energy tax that will force governments to put more money into the system. Our old fear of stagflation returns.”
In other markets, Crude Oil surged to the highest since September 2008 as Middle East turmoil threatened to spread from Libya to top OPEC producers Saudi Arabia and Iran.
Cotton also gained. The UBS Bloomberg Constant Maturity Commodity Index advanced 0.6 % to 1,770.05. Earlier, the gauge reached 1,770.457, extending a rally to a record.
Gold futures for April delivery reached the all-time high after the close of regular trading on the Comex in New York. The metal had settled up $21.30, or 1.5 %, at $ 1.431.20. The previous intra day record was $1,432.50 on Dec. 7.
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