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March 22, 2011 at 06:39 AM
Tuesday saw gold prices continuing to rise on concerns about military action in Libya and the ongoing crisis in Japan, while investors claimed profits on oil in anticipation of slowing intervention by the U.S. and other nations in Libya.
Reuters reported that physical gold gained again, adding 0.2% to reach $1,427.86 an ounce in early trading. Monday’s overseas trading saw the precious metal at one point hit just $10 shy of its record, coming in at $1,434.70. U.S. gold was up 0.1% to $1.428.20.
The SPDR Gold Trust, however, fell 10.616 tons in its largest single fall since late January; investors lost some interest in the largest exchange-traded gold fund’s bullion. In Tokyo, though, demand was unabated; the premium for gold bars was running $1.50-$2 above London spot prices, while gold futures on the Tokyo exchange rose 0.2% to 3,725 yen per gram ($1,426.695 per ounce). A trader at a Tokyo-based bullion house was quoted in the report saying, “Gold in yen jumped up this morning, and we've seen some selling back.”
