Wednesday, 23 February 2011
Gold, silver futures rise as Gadhafi resolves to stay
Gold futures continued their upward swing Wednesday afternoon as demonstrations challenging Libya's leader of 42 years intensified, according to Dow Jones Newswires.
Silver futures also continued climbing on a day that saw rebels claim they control some cities in the country's eastern end while forces loyal to Muammar Gadhafi still laid claim to Tripoli, the capital city. The military has opened fire on protestors while the Gadhafi has resolved to quash the uprising and retain his grip on the governmental seat.
"Gold is an uncertainty hedge, and there's too much uncertainty in the world today and it just keeps mounting," Chuck Butler, president with EverBank World Markets, told the news service.
At about 3 p.m., gold futures were up 0.61 percent, an $8.60 cent increase to $1,409.70 per troy ounce. Silver futures were up 1.47 percent, a 0.484 rise to $33.34 per troy ounce.
"The Middle East situation is still evolving and we remain nervous ... that alone provides support for the gold market," Frank Lesh, futures analyst with FuturePath Trading in Chicago, told the news service.
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