Gold Hits Record Above $1,440 on Libya Unrest

Reuters reports that on Wednesday, Gold surged to a record high above $1,440 an ounce.

The market news is quoted as saying:

Gold has rallied 10 percent since late January when tensions first began to flare in the Middle East and Africa. Muammar Gaddafi on Wednesday launched a land and air offensive to retake territory from rebels in Libya’s eastern region, and the possibility of a prolonged civil war fueled bullion demand as a hedge against uncertainty.

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