Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Gold sets another record high

gold silver pricesClick chart for more on gold, silver and other commodities By Ben Rooney, staff reporter


NEW YORK (CNNMoney) -- Gold prices rose to a record high Monday as the political turmoil in Libya boosted demand for tangible "safe-haven" assets such as precious metals.

April gold futures closed at a record high, rising $5.90, or 0.4%, to $1,434.50 an ounce. Earlier in the session, gold prices hit an intraday record high of $1,445.70 an ounce.

"Gold prices have made new all-time highs...as investors flock toward the safe haven against geopolitical and inflationary fears," said Janney Montgomery Scott analyst Dan Wantrobski in a report.

In Libya, fighting between rebels and forces loyal to Libyan leader Moammar Gadhafi continued to exact heavy tolls Monday, with an estimated 1,000 to 2,000 deaths so far.

The strife in Libya follows relatively non-violent uprisings in Tunisia and Egypt earlier this year. Other countries in the region have also been shaken by protests, including Yemen, Oman and Bahrain.

The unrest has pushed oil prices sharply higher in recent weeks as investors worry that supplies could be disrupted from crude exporting nations. Gold prices often rise when the global political and economic outlook turns cloudy, since precious metals are seen as safer bets than stocks or bonds in times of uncertainty.

In addition to geopolitical concerns, gold has been supported by worries about rising inflation.

Gold is seen as a hedge against inflation because the metal tends to hold its value when consumer and wholesale prices rise.

With inflation rates already spiking in some developing economies, some investors worry that the combination of low interest rates in the U.S. and the Fed's quantitative easing plan will cause inflation to spike.

Silver prices were also stronger Monday, rising 75 cents to $36.07 an ounce. That's up over 17% from the start of the year. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.34%3.51%
15 yr fixed2.63%2.69%
5/1 ARM2.91%2.97%
30 yr refi3.35%3.52%
15 yr refi2.63%2.72%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 18,143.45 -195.79 -1.07%
Nasdaq 5,269.15 -49.40 -0.93%
S&P 500 2,151.13 -20.24 -0.93%
Treasuries 1.56 -0.01 -0.64%
Data as of 5:23pm ET
Company Price Change % Change
Chesapeake Energy Co... 6.12 -0.63 -9.33%
Bank of America Corp... 15.16 -0.22 -1.43%
Procter & Gamble Co 88.23 -1.23 -1.37%
Wells Fargo & Co 44.37 -0.94 -2.07%
Qualcomm Inc 67.45 4.00 6.30%
Data as of 4:15pm ET

Sections

Lawmakers grill Wells Fargo CEO John Stumpf about CNNMoney report on the bank retaliating against whistleblowers who flagged fake accounts. More

A 16-year-old Chipotle worker won $7.65 million from the company after she was sexually assaulted by her 26-year-old manager. More

Zume Pizza is rolling out a delivery truck outfitted with 56 ovens that bake pizza pies en route to customers. More

California workers who don't already have access to a retirement plan at work will soon be enrolled in a new state-run IRA savings plan. More