Libyan forces attacking civilians, the sovereign debt crisis and a risky nuclear situation in Japan have investors eyeing asset havens.
"There is just too much uncertainty at the moment and gold should hold near recent highs," according to a report by Andrey Kryuchenkov, an analyst at VTB Capital in London. "Geopolitical concerns in addition to growing uncertainty over Portugal’s debt crisis supported bullion."
Shortly after 7:30 a.m. on Friday, gold futures were up 0.16 percent, a $2.30 increase to $1,437.20 per troy ounce. On March 7, gold futures set a record high of $1,444.50 per troy ounce and on Thursday, the precious metal topped out at $1,447.82 per troy ounce before dipping as the afternoon ensued.
"Throw ongoing problems within the Middle East and North Africa into the mix, plus an escalating oil price, and further debt problems in Europe, and you have the perfect scenario for further strong gold prices," MineLife founding director Gavin Wendt told the news service.
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