Gold Advances on Libya, Middle East Unrest, Europe Debt Concern
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Gold rose for the sixth straight session, nearing a record in New York, as unrest in Libya and the Middle East and Europe’s lingering debt crisis spurred demand for the precious metal as an alternative investment. Silver rose to the highest since 1980.
A U.S.-led alliance is preparing to direct more attacks against Libyan leader Muammar Qaddafi’s ground forces, as coalition members try to resolve disputes over who will take command. European leaders will meet this week to seek a permanent solution to the region’s debt crisis, amid concern Portugal’s government will collapse today. Gold futures reached a record $1,445.70 an ounce on March 7.