The price of gold hit a record high above $1,450 an ounce in trading here Tuesday as the 'safe haven' metal won support from geopolitical unrest and surging global inflation, traders said.
Gold reached $1,450.65 an ounce at 1515 GMT on the London Bullion Market, beating the previous record of $1,447.82 set on March 24.
It stood at $1,448.65 an ounce at about 1630 GMT, while sister metal silver struck a 31-year peak of $39.09 an ounce in the wake of gold's rally.
Precious metals have been winning support as unrest in the Middle East and north Africa "shows no signs of abating with the civil war in Libya escalating and already negative situations in... Syria, Yemen and Bahrain deteriorating further," said SEB Commodity Research analyst Bjarne Schieldrop.
"Increasing global inflation pressures provide additional support for gold."
Chaos is expensive, folks.
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