Gold Climbed To A Near Record High

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Etoro

During yesterday traders at eToro saw gold climb to a near-record high thanks to the turmoil in Libya and the Middle-East. Silver has also benefitted from the unrest in the Arab nations, climbing to its highest level since 1980. Oil too increased in price due to the uncertainty in the region, making it to over $100 per barrel.

In a similar fashion to Forex traders when they buy US dollars and Swiss francs to reduce risk, gold is also considered a safe haven commodity that’s seen a huge rise in demand so far this week. This demand for the sought after precious metal saw it rise in price to $1,435.60 per ounce yesterday as traders shifted investments to avoid the market turbulence caused by the unrest in the Middle-East.

Silver has also seen a sharp increase in demand, which has driven the price up massively during the past 24 hours. Not since 1908, when the Hunt brothers famously attempted to corner the silver market, has the price of silver been so high. Silver pushed its way up to $34.57 an ounce during Tuesday’s trading sessions and was also followed by other precious metals such as platinum and palladium as risk aversion continued among traders.

Along with metals, crude oil’s price was also on the up, reaching $114.36 per barrel as continuing civil unrest in Libya reduces the country’s oil production. The price of oil could well continue into the foreseeable future as the violence and turmoil continues in the Middle-East.

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