Gold registered an increase in prices, as the worsening situation in the Middle East and the looming nuclear catastrophe in Japan pushed investors towards having bullish expectations about gold. Gold, 100 Troy Oz was priced at USD $ 1410.80 per troy ounce, increasing by 0.47%. American Eagle gold was priced at USD $ 1466.34 per troy ounce.
Japanese engineers were frantically working overtime to cool down the reactors at the troubled Fukushima Nuclear Plant, with the radiation levels gradually increasing. There was tension in the Middle East regarding Saudi Arabia’s military intervention in Bahrain in order to quell the protests in the small kingdom. Also, the UN passed a resolution calling for the imposition of a no-fly zone over Libya. All of these factors have led to uncertainty regarding the future global economic situation, leading investors to hedge their investments in gold.
Silver prices fell due to a weak trend in Asian trade, with investors selling silver to compensate the loss incurred from other investments. London Fixing, Spot Price of Silver was at £21.3635 per troy ounce, down from the price of £21.5848 per troy ounce on Wednesday.