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Silver, gold gain on fast-changing global events

March 23, 2011

businessweek

Silver and gold prices are climbing as developing crises from Portugal’s financial problems to uprisings in the Middle East are prompting investors to buy more stable assets.

Silver for May delivery rose 2.6 percent Wednesday to settle at $37.198 an ounce. Gold settled up $10.40 at $1,438 an ounce.

Investors are nervous as they monitor fast-changing global events.

In Portugal, lawmakers are poised to vote against more austerity measures for the debt-stressed country. Meanwhile violence in the Middle East and North Africa is raising concern about oil supplies.

The uncertainty of how those events will play out is supporting both precious metals, which have the reputation of being safer assets to hold during turbulent economic times.

Energy prices were mainly higher. Bean and grain prices fell.

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