Futures Market News
Gold futures reach beyond record highs
Mar 24, 2011 10:04 AM
Escalating violence in Libya, threats of radiation damaging water in Japan and a sovereign debt crisis tearing through the Iberian Peninsula pushed gold futures to new record highs on Thursday morning, Bloomberg reports.
Shortly after 11:30 a.m. on Thursday, gold futures climbed 0.58 percent, an $8.30 rise to $1,446.30 per troy ounce. The previous record of $1,444.50 per troy ounce was set on March 7, and the commodity reached as high as $1,448.60 per troy ounce earlier on Thursday morning.
"Geopolitical risk remains very high," Matthew Zeman, a market strategist at Kingsview Financial in Chicago, told the news service.
Thirty Spanish banks saw their credit ratings slashed by Moody's Investor Service. Portuguese prime minister Jose Socrates was close to resigning amidst reports that the nation is very close to requesting a bailout for its hobbled banks. Greece and Ireland last year accepted bailouts to rescue their insolvent banks.
"You need to be owning gold as Middle East unrest is spreading," Zeman said. "There's renewed debt concerns in the euro zone and continued uncertainty in Japan."
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