9
March
Gold May Advance, Approaching Record, as Middle East Turmoil Buoys Demand
9 March 2011 Bloomberg.com
Gold retreated for a second day as oil extended its decline from a 29-month high, helping to ease concerns over rising inflation and cooling demand for the metal as a store of value.
Immediate-delivery bullion fell as much as 0.4 percent to $1,422.95 an ounce before trading at $1,425.25 at 2:02 p.m. in Singapore. The metal climbed to an all-time high of $1,444.95 on March 7. The April-delivery contract in New York was little changed at $1,425.40. Oil decreased as much as 81 cents to $104.21 a barrel in New York.
