Gold hits record above $1,440 on Libya unrest, oil

Gold touched a record high above $1,440 an ounce on Wednesday, as a bullish confluence of political unrest in Libya, surging oil prices and easy monetary policies spurred safe haven buying.

Gold has rallied 10 percent since late January when tensions first began to flare in the Middle East and Africa. Muammar Gaddafi on Wednesday launched a land and air offensive to retake territory from rebels in Libya's eastern region, and the possibility of a prolonged civil war fueled bullion demand as a hedge against uncertainty.

"You have political problems all over the world, a Federal Reserve bank that still erred on the side of easing rather than tightening, rising commodities prices in general, and growing disdain for fiat currencies generally," said Dennis Gartman, author of the Gartman Letter, an daily investment newsletter.

Read Full Article from Reuters

- Posted: 2011-03-02 14:28:47

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