The conflict in Libya to boost demand for gold as an investment alternative. Hontrak gold price through a new record in New York in the position of 1435.60 U.S. dollars per troy ounce (1 troy ounce = about 31.1 grams).

The contract price of gold for April delivery hit a record high in history after the closure of the New York Comex market. At 13:49 pm New York time, with rising gold prices perched 21.30 U.S. dollars or 1.5 percent, so it was in the position of 1431.20 U.S. dollars. The previous record was in the position of 1432.50 U.S. dollars per troy ounce.

The contract price of gold for current delivery rose 1.7 percent to a record high in history to the position of 1434.93 U.S. dollars. At 16:01 New York time, gold prices rose 1.6 percent to 1434.27 U.S. dollars.

Today, political tensions in Libya becomes increasingly likely. Last situation, the opposition Libya received support from the U.S. and European countries after Moammar Gaddafi sent troops to retake areas held by the demonstrators.

“The ongoing violence in the Middle East prompted many investors to buy gold. This pushed the gold price through a new level,”said Frank McGhee, head dealer of Integrated Brokerage Services LLC in Chicago. He added that the current world economic recovery faltered. Skyrocketing oil prices above the level of 100 dollars will push back the government poured money into the financial system. “I’m worried about stagflation will happen again,” said McGhee.