28
February
Gold Gains, Approaching Record, as Mideast Unrest Boosts Demand
28 February 2011 Bloomberg.com
Gold advanced, heading for the best monthly gain since November 2009, as tensions in the Middle East and costlier oil increased demand for precious metals as a protector of wealth and hedge against inflation.
Bullion for immediate-delivery climbed as much as 0.3 percent to $1,415.15 an ounce, and traded at $1,414.05 at 2:08 p.m. in Singapore, set for a 6.1 percent advance in February. The April-delivery contract increased as much as 0.5 percent to $1,415.60 an ounce in New York. Oil prices jumped as much as 2.1 percent to $99.96 a barrel on the New York Mercantile Exchange.
