Gold up in Asia as crude oil rises
Azerbaijan, Baku, Feb. 28 / Trend /
Gold was up in Asia Monday as Middle East political turmoil continued to support oil prices, encouraging safe-haven buying, the Wall Street Journal reported according to Dow Jones Newswires.
Ongoing investor concern about the turmoil in Libya and reports of unrest in Oman over the weekend sent April Nymex crude oil up $1.57 to $99.45/bbl at 0700 GMT, helping gold remain well-bid.
Investors are, "seeking to protect their wealth against intensifying violence in the Middle East and the onset of inflationary concerns around the globe," MKS Finance said in a note.
At 0700 GMT, spot gold was at $1,415.20 a troy ounce, up $5.60 since Friday's New York close.
Technical resistance for gold lies dead ahead, ScotiaMocatta said in a note.
"Big picture, the $1,423 and $1,431 levels offer significant resistance. A break would call for a measured move to $1,507 which is the 1.618% distance of our January correction," it said.