WASHINGTON (AFP) - – Gold struck a new record high at $1,434.50 an ounce 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 $14 an ounce from Monday to top last December's record of $1,431.25, before falling off to below $1,434 after 2200 GMT.
New York crude oil shoots back above $100 a barrel
On the New York Comex exchange, the price topped out at $1,434.40, a record for that market, before pulling back slightly.
SINGAPORE (AFP) - – New York's benchmark crude oil futures contract shot back above $100 a barrel in Asian trade as unrest in the Middle East and North Africa continued to rattle the markets.
The contract for April delivery, known as West Texas Intermediate (WTI), climbed 63 cents to $100.26. The contract reached an all-time high of more than $147 a barrel in 2008.
Brent North Sea crude for delivery in April was up 70 cents at $116.12.
"Clearly everyone is concerned" about turmoil in the Arab world, said John Vautrain, vice president for Purvin and Gertz international energy consultants in Singapore.
He said investors were worried about unrest sweeping oil producing countries and disrupting supplies.
Oil prices have been soaring after popular uprisings toppled the leader of Tunisia in January, followed by long-time strongman Hosni Mubarak of Egypt in February.myjom
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