Tap New Record, Gold Dollar Can 1600

Gold prices higher. Gold contract for April 2011 delivery on the New York Mercantile Exchange (Nymex), Wednesday (02/03/2011) closed surged 6.50 dollars to 1437.70 U.S. dollars per troy ounce. This is a record for the highest price of gold throughout history.

Political climate in the Middle East and North Africa that would not go down, lit a market anxiety about the future world economic recovery. This condition is the polish of gold to a new record.

Global Investor busy-busy removing risky assets and move into safe-haven instruments, namely gold. Prices of other commodities, like crude oil, also crept up. Contract delivery West Texas Intermediate crude (WTI) for April 2011 in New York Mercantile Exchange reached 102.23 U.S. dollars per barrel. This is the highest price during the last 29 months.

World worries political crisis triggered civil war in Libya in the oil-rich country. OPEC members are recorded to produce oil by 1.5 million barrels per day.

Problems geopolitical concern is spreading. After Tunisia, Egypt and Libya, a similar problem threatens Yemen, Oman, and Bahrain. "Market participants worry if this chaotic spread to Saudi Arabia," said Herry Setyawan, Analyst Indosukses Futures. As the largest oil producing country in the world, Saudi Arabia's current political condition worthy of scrutiny.

Nizar Hilmy, Harumdana Futures analyst, believes the increase in commodity prices could trigger higher inflation. Thus, the steps switch the investment portfolios of risky instruments into safe haven could not negotiable.

Analysts believe gold prices are still going uphill. If there is any correction, it was only temporary.

The price of gold in the long term is predicted to touch U.S. $ 1500 per Troy ounce. "It could even penetrate 1600 U.S. dollars per troy ounce this year," said Ng Cheng Thye, Senior Trader Standard Merchant Bank Ltd. in Singapore as quoted by Bloomberg yesterday.

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