Gold gains for second day on Japanese earthquake
Azerbaijan, Baku, March. 14 / Trend /
Gold gained for a second day in London as Japan's strongest earthquake on record and violence in Libya boosted demand for an alternative investment, Bloomberg reported.
European and Asian equities fell as officials said the death toll from the earthquake and tsunami may top 10,000, and as workers battled to prevent a nuclear meltdown at a plant north of Tokyo. Muammar Qaddafi's forces pushed rebels out of the oil port of Brega as Western nations grappled with measures that would halt the Libyan leader's advance.
"With the recent and ongoing political events in the Middle East and Africa, combined with the devastation in Japan, I believe gold will remain at the forefront of most sensible investors' minds," said Gavin Wendt, an analyst at MineLife Pty Ltd. "Gold will hit further record highs this week."
Immediate-delivery bullion rose $11.05, or 0.8 percent, to $1,428.50 an ounce at 12:20 p.m. in London. Gold reached a record $1,444.95 on March 7 as the civil war in Libya escalated. Gold for April delivery was 0.5 percent higher at $1,428.40 an ounce on the Comex in New York.
Bullion rose to $1,424.50 an ounce in the morning "fixing" in London, used by some mining companies to sell output, from $1,411.50 at the afternoon fixing on March 11.