Gold price in Asian markets down from record levels because of speculation will end the tension in Libya after Venezuelan President Hugo Chavez offered to help the solution. It dampen demand for gold as a hedging asset.Until 14:35 pm, gold for April delivery contract on the COMEX division, NYMEX market-the United States fell 0.69 percent to a level of 1427.8 U.S. dollars per troy ounce from yesterday's closing at 1437.7 U.S. dollars per troy ounce. In fact, last night in New York market, the yellow is the highest scoring record in 1440.32 U.S. dollars per troy ounce.
Wall Street Journal said, Venezuelan President Hugo Chavez has called the Libyan leader Moammar Qaddafi and offer assistance to help the formation of the mediation commission. Al Arabiya TV, quoting the Secretary-General Amr Moussa, said the plan was being studied by the Arab League.
Hwang Doo-il, senior trader KEB Futures Co. said the optimism that Chavez offered to mediate the conflict would end the possibility of riots in Libya that led the price decline in gold and oil.
As for commodities analyst at MF Global Holdings Ltd, Edward Meir, acknowledges, the events in the Middle East is a very significant sentiment to move the market. "But gold will be strengthened to remember not seeing any quick solution to the situation there,
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