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Gold gains further as unease lingers over Libyan crisis

Updated: 2011-03-23 07:38

(China Daily)

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SINGAPORE - Gold gained for a fifth day as unrest in Libya, and lingering concern over the effect of Japan's nuclear crisis, combined to fuel demand for the metal as a store of value.

Immediate-delivery bullion gained as much as 0.3 percent to $1,431.48 an ounce on Tuesday, near a two-week high of $1,435.01 reached on Monday.

It traded at $1,428.16 by 2:44 pm in Singapore on Tuesday.

Gold futures for April delivery in New York gained 0.2 percent to $1,429 an ounce.

"The current uncertainties are fertile ground for precious metals," Eugen Weinberg, Frankfurt-based head of commodity research with Commerzbank AG, wrote in a note to clients. "We expect the price of gold to rise further in the current climate and reach its record level."

Gold advanced to a record $1,444.95 an ounce on March 7 after rallying 30 percent in 2010 on the prospect of rising inflation and currency debasement.

Bloomberg News

(China Daily 03/23/2011 page16)

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