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Gold hits record $1,432.57 an ounce

By Agence France-Presse
Tuesday, March 1, 2011 16:25 EDT
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WASHINGTON – Gold struck a new record at $1,432.57 an ounce Tuesday as worries spread that the surging price of oil could fuel inflation and dampen economic growth.

The price on the London Bullion Market jumped more than $13 an ounce from Monday to top last December’s record of $1,431.25, before falling off slightly to around $1,430.50 at 2035 GMT.

On the New York Mercantile Exchange, the price on the contract for April delivery closed at $1,431.20, also a record for that market.

The jump came after oil prices rose again on Libyan unrest and US Federal Reserve chief Ben Bernanke warned that a sustained rise in oil prices could potentially threaten US economic growth and spark dangerous broader price rises.

“Sustained rises in the prices of oil and other commodities would represent a threat both to economic growth and to overall price stability,” the central banker said in testimony to Congress Tuesday.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
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  • Anonymous

    End the Fed!

    Return to the Gold Standard, prove the price of Gold isn’t inflationary! Bring the price tumbling down, screw these investors out of hundreds of millions of dollars just like we have screwed all those who invested in the housing scam. This is the time to show what we are made of return to the Gold Standard before it is too late!

    I’m begging you. look in your heart, return to the Gold Standard NOW!

  • http://profiles.yahoo.com/u/GCPX7DXZGK2H2CPNYRR5IS5A64 Turnip Mcgee

    Oil and Gold are rising due in large part to a planned and unwinding devaluation of the dollar.

    There is nothing wrong with paper or an electron to signify a credit of value (money). There is something wrong with issuing debt and calling it money. If more people understood this, they would know where to direct their anger. This would be great timing, as it seems that there are stirrings from the slumbering giant.

  • Raymond Strand

    Uh that’s how money works in the modern world. A dollar is a guarantee worth $1 dollar’s value in goods. There are 300,000 million American citizens. There isn’t enough Gold or other precious metals to satisfy the need. Gold has much better uses than sitting around in people’s pockets it’s used in electronics. Along with other precious metals Platinum, Silver, and copper.

    The price of electronics would skyrocket if we went back to the Gold Standard.

  • http://twitter.com/btmfdrsheaven rebecca meritt

    And everybody holding our marker would instantly drain the fort. Isn’t that why we left the GS because the cost of Vietnam was depleting our gold to foreign counties?

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