4
March
Gold May Extend Longest Weekly-Gains Run in More Than 3 Years on Mideast
4 March 2011 Bloomberg.com
Gold may gain in New York, extending the longest weekly run in more than three years, as turmoil in Libya and concern inflation will accelerate boost demand for an alternative investment.
Libyan opposition leaders rejected a mediation offer by Venezuelan President Hugo Chavez as armed rebels fought for control of oil ports on the country’s central and eastern coastal strip. Gold fell the most in six weeks yesterday after reaching a record $1,441 an ounce on March 2.
“The situation in the Middle East and North Africa is really tense and there’s a lot of uncertainty,” said Bernard Sin, the head of currency and metal trading at MKS Finance SA, a bullion refiner in Geneva. While there’s been “haven” buying, “physical demand has slowed down a little bit” because of higher prices, he said.
