18:51 ET<\/span>
\n<\/span><\/p>\nThe price of gold has hit a record high as investors worry about the political turmoil in Libya and spreading tensions across the Middle East.<\/p>\n
The price on the London Bullion Market jumped more than $14 to $1,434.50 an ounce, topping the previous mark of $1,431.25, set in December.<\/p>\n
Gold is traditionally seen as a haven for investors in times of uncertainty.<\/p>\n
Unrest across the Middle East and North Africa fuelled a 6% rise in gold prices during February.<\/p>\n
Analysts said that the political problems were pushing oil prices higher and fanning concerns about inflation and slower global economic growth. <\/p>\n
“What gold needed was a catalyst, and it found it in the form of tensions that are surfacing in the Middle East and rising oil prices,” said Mark Luschini from the brokerage Janney Montgomery Scott.<\/p>\n
Mr Luschini added that investors saw gold giving them greater protection from inflationary pressures and political instability.<\/p>\n
On the New York Comex exchange, the price of gold reached $1,434.40, a record for that market, before pulling back slightly.<\/p>\n
Meanwhile oil prices, which have also been on the up since unrest broke out in North Africa and the Middle East, rose again on Tuesday.<\/p>\n
In London, Brent crude rose 4.2% to $116.46, while US light, sweet crude rose 3.7% to $100.52.<\/p>\n<\/p><\/div>\n<\/p>\n
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