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Gold prices top record mark for second straight day

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For the second day in succession, gold prices rose to record highs, topping out above $1,440 per ounce for the first time in history.

Reuters reported that the price of gold futures for April delivery climbed by nearly $8 to finish the day at $1,439.10, exactly $1 less than the record spot gold price hit during Wednesday trading.

Political turmoil in Libya helped fuel the record prices, with safe-haven buying also provoking a climb in the price of oil. According to Agence France-Presse , the continued weakness of the U.S. dollar has also helped gold prices reach record levels. Analyst Ian O'Sullivan told the news source a desire for safety is a central factor.

"Gold hit a new record high again today as risk aversion took hold in the market …. as Libya looked like descending [into] civil war," he said.

Other analysts noted that silver also reached record-high price levels Wednesday, rising all the way to $34.93 per ounce on the strength of many of the same factors driving gold prices.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.