Gold Prices Today Soar to Record $1,435.60 An Ounce

Gold is back as continuing unrest in Libya has caused investors once again to seek safety in the yellow metal, as gold prices today rose to a record $1,435.60 an ounce.

Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said, “The continued violence in the Middle East is bringing in new buyers and spurring gold to new territory. The rush to economic health is fading. Crude above $100 is an energy tax that will force governments to put more money into the system. Our old fear of stagflation returns.”

Gold futures for April delivery climbed to an all-time high after the close of trading on the Comex in New York. The metal had settled up $21.30, or 1.5 percent, at $1.431.20 at 1:49 p.m. The former intraday record high was $1,432.50 on December 7.

Gold for immediate delivery jumped as much as 1.7 percent to a record $1,434.93. The gold price increased 1.6 percent to $1,434.27 at 4:01 PM EST.

Spot gold was up to $1,433.80 an ounce at markets closed, a gain of $22.60.