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Johannesburg - The gold price hit a new all-time high on Monday of $1 443.51 per ounce as oil continued to rally amid ongoing political tensions in the Middle East and North Africa.
Dow Jones Newswires reported that the bullion price rose to a fresh high on Monday as escalating violence in Libya spurred a rally in the oil markets, fueling inflation fears and boosting demand for the metal as an insurance asset.
It said the uncertainty over the crisis in the Middle East and North Africa was attracting investors to the market, often viewed as an inflation hedge or safe haven investment in times of economic and political crisis.
The gold price - which posted its former all-time best of $1 440.45/oz last Wednesday - has been rallying since the start of February amid ongoing unrest in Libya and fears of contagion across the region.
"The commodity markets remain in a state of uncertainty and gold is benefiting from its status as a safe haven," Commerzbank analysts said in a report.