Gold prices had struck a new record at U.S. $ 1,440 per ounce before finally falling again. Investors still continue buying safe investments amid turmoil in oil prices due to crisis in the Middle East.
In trading Wednesday (03/02/2011), gold in the spot market price had jumped to U.S. $ 1,440.10 per ounce, which is a new record high. Akhrinya gold price closed up 10 cents to U.S. $ 1,433.81 an ounce. The price of gold in London was at the level of U.S. $ 1435.50.
Prices of gold futures for April delivery rose 6.50 dollars recorded a U.S. $ 1,437.70 with a slightly lower volume than the average in the last 30 days.
Since January, the price of gold has been noted that jumped to 10% following the start of the crisis in the Middle East and Africa.
"You get the political crises in various parts of the world, the U.S. central bank is still on the side to loosen rather than tighten their policies, rising commodity prices in general and continue diremehkannya currency has been agreed in general," explained Dennis Gartman, author of the daily investment, such as Gartmen Letter quoted by Reuters on Thursday (03/03/2011).
"So be illogical if the gold price does not rise again," he added.
In his testimony before Congress, Federal Reserve Governor Ben Bernanke said the spike in oil prices should only provide a small and temporary impact on overall U.S. inflation. The view of the Fed to continue the policy of loosening that has sparked inflation makes investors choose to keep buying gold.
Besides gold, other commodities are soaring crude oil. Gold prices, light sweet yesterday closed above U.S. $ 102 per barrel. Brent oil had penetrated the highest point above the U.S. $ 117 per barrel before finally receding. Brent oil closed up 93 cents to U.S. $ 116.35 per barrel.
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