Gold Rises After Strikes on Libya

LONDON-The spot price of gold rose following weekend air strikes and naval military targets in Libya sanctioned by the United Nations, as tensions continued to support perceived safe-haven assets.
Before the day of New York, the spot price of gold was $ 1,431 per troy ounce, up $ 11.30, or 0.8% from late Friday. Crude oil was also trading higher, like other precious and base metals.
"The Return of Middle East tensions to light this weekend, with the promise of Colonel Muammar Gaddafi a" long war without end, and the ongoing ramifications of natural disasters in Japan are helping to start the week gold in a positive tone, "said UBS analyst, Edel Tully.
"As tensions remain high, gold should keep the offer," he said / she said that she remains comfortable with forecasts for a month in bank $ 1,450 an ounce.
The gold market is up 3.5% at the nadir of last week, but remains near $ 14 in his record, recorded earlier this month.
Independent market commentator Dennis Gartman said that while the situation in Libya has helped the gold company, which remains "hard on the sidelines, watching" the market's direction.
"Maybe we were wrong to be so ... prices are higher and should participate, because we are still long-term gold bull. But I still prefer the relative calm, but uneasy, banking, said in his commentary newspaper, The Gartman Letter.
While the physical demand for gold at current levels remains largely under the turnover on the Shanghai Gold Exchange last week climbed to the highest weekly volume since late January. This suggests that the Chinese market is also back after a break in February, Ms. Tully said.
In other precious metals, spot silver was up 82 cents, or 2.3%, to $ 36.10 an ounce, while spot platinum rose $ 20, or 1.2%, to $ 1,741 an ounce and Spot palladium rose $ 15, or 2.1%, to $ 744 an ounce.