General Financial News
Precious metal futures fluctuate as Libyan protests intensify
Mar 08, 2011 07:23 AM
Escalating unrest and violence in Libya helped drive the precious metal to its all-time record high of $1,444.95 per troy ounce on Monday. As rebels attempted to tighten their ranks around Tripoli, loyalists to Muammar Gadhafi began using more violent measures to tamp down the effort seeking to wrest away state control from the 42-year ruler.
"There are healthy sales that allow the market to take a break after a recent bull run," Chae Un Soo, a Seoul-based trader with KEB Futures, told the news service. "There's great buying interest in the metal, unless the picture in the Middle East gets better."
Shortly after 8 a.m. on Tuesday, gold futures were down 0.04 percent, a $0.60 decline to $1,433.90 per troy ounce.
Additional demonstrations are expected for Middle Eastern and North African nations of the sort that have seen longtime leaders of Tunisia and Egypt ousted. Two dates are planned for Saudi Arabia to observe a "Day of Rage"; one is March 11, the second is March 20.
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