Libyan leader Muammar Gadhafi's forces were driving toward the rebel-controlled oil port city of Brega. Deaths resulting from the earthquake measuring 9.0 on the Richter Scale, the tsunami that followed and fallout of both natural disasters are likely to exceed 10,000.
"With the recent and ongoing political events in the Middle East and Africa, combined with the devastation in Japan, I believe gold will remain at the forefront of most sensible investors' minds," Gavin Wendt, an analyst at MineLife Pty, told Bloomberg.
Just prior to 8 a.m. on Monday, gold futures were up 0.46 percent, a $6.60 increase to $1,428.40 per troy ounce. Silver futures climbed 0.70 percent, a $0.25 increase to $36.185 per troy ounce.
Wendt predicted gold futures will exceed the record high of $1,444.95 per troy ounce set last Monday, March 7.
"Gold will hit further record highs this week," Wendt told the news service.
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