Gold and silver price rises spurred by Libya unrest

GOLD rose above $1,430 (€1,022) an ounce yesterday, while silver surged 3% to 31-year highs, as soaring oil prices fuelled by widening unrest in Libya prompted investors to pile into safe havens.

Bullion hit a record high of $1,440.10 an ounce on Wednesday and is on track to post its fifth consecutive weekly gain, on fears that Libya’s escalating violence could spread across the Arab world.

World stocks and the dollar declined as upbeat US jobs data was offset by mounting economic uncertainty.