gold price strength : no fly zone in libya

Gold price strengthen at the back of Libya situation.

Source: ABS-CBN news.com
http://www.abs-cbnnews.com/business/03/19/11/commodity-markets-consumed-japan-disaster-libya-unrestAgence France-Presse
Posted at 03/19/2011 9:00 PM | Updated as of 03/19/2011 9:00 PM

PRECIOUS METALS: Gold was unable to benefit from its traditional safe haven status until late in the week amid escalating unrest in Libya.

"Paradoxically, the ultimate safe haven asset suffered alongside equities... on fears over Japan's nuclear fallout," said VTB Capital analyst Andrey Kryuchenkov.

The previous week, gold had hit a record peak of $1,444.95 per ounce, dragging sister metal silver to another 30-year high at $36.75.

The precious metals usually draw strength in times of geopolitical and economic turmoil because they are regarded as a safe store of value.

By late Friday on the London Bullion Market, gold rose to $1,420 an ounce from $1,411.50 a week earlier.

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