8
March
Gold Trades Near Record as Libyan Conflict Sustains Oil, Stoking Inflation
8 March 2011 Bloomberg.com
Gold declined in Asia as a rally to record prices, driven by escalating turmoil in Libya and rising inflation, prompted some investors to lock in gains.
Immediate-delivery bullion fell as much as 0.4 percent to $1,426.28 an ounce before trading at $1,427.70 at 2:36 p.m. in Singapore. The metal climbed to an all-time high of $1,444.95 yesterday. The April-delivery contract in New York decreased 0.5 percent. Oil lost 0.7 percent, retreating from a 29-month high.
