March 24, 2011
Turmoil in the Middle East drove strong gains for oil and gold on Wednesday as allied forces continue to enforce a no-fly zone in Libya.
Crude for May delivery, the new front-month contract, rose 78 cents to $105.75 a barrel on the New York Mercantile Exchange as investors continue to worry about a shortfall in supplies.
Meanwhile gold for April delivery rose $10.40 to a record $1,438 an ounce on the Comex division of the Nymex.
Demand for gold is being driven by continued unrest in the Middle East and North Africa, Japanâ€™s crisis and fears about rising inflation.
The yellow metal is traditionally considered as one of the best hedges against inflation.
This article was posted: Thursday, March 24, 2011 at 4:53 am