Trouble eminating from the troubled North African states has driven traders and investors away from currencies and stocks and into the “safe havens” of precious commodities and crude oil futures.
Frightening scenes beamed around the world from Tripoli, Libya’s capital city yesterday saw commodities across global markets surge.
Gold jump to $1,409.00-$1,410.00 an ounce in Hong Kong, up from Friday’s close of $1,396.50-$1,397.50.
On oil markets Brent North Sea crude for delivery in April jumped $1.21 to $106.95 per barrel, The highest price since pre-recession levels in 2008, while New York’s contracts for, light sweet crude for March, surged $6.45 in a day to $92.65.
Fear seemed to spread through the markets yesterday, as both gold and oil saw sharp spikes and silver touched an amazing 31-year high. Palladium, a precious metal primarily used in catalytic converters, similarly capped 10-year record highs.
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