Gold held near $1,430 an ounce on Tuesday, supported by violence in
Spot gold was bid at $1,431.75 an ounce at 1009 GMT, against $1,430.74 late in
Prices hit a record $1,444.40 an ounce and oil rallied on Monday after troops loyal to Libyan leader Muammar Gaddafi launched a counter-offensive against rebels protesting against his 41-year rule, fuelling fears
It later retreated, however.
"Despite the escalation of the unrest in
"It is still too early to say whether we are treading water before the next push higher, or if we actually need a retracement before the buyers feel comfortable enough to take it up into a new range.
"Given the fact that we have failed to push higher amid the highest level of uncertainty for the last two years, almost any setback in crude prices will have an impact on gold, and silver," he added.
Oil prices have surged in recent weeks after violence broke out in OPEC member
VIOLENCE RAGES IN
The White House resisted rising pressure from some
A pause in the oil rally helped stock markets move higher after two days of losses in
"This reminder about sovereign concerns ahead of this month's meeting of EU ministers to agree a crisis mechanism structure serves to highlight the problems facing the euro area," said CMC Markets analyst Michael Hewson.
Concerns over euro zone sovereign debt were a major factor pushing gold prices higher last year
Holdings of the world's largest gold-backed exchange-traded fund,
Meanwhile holdings of the largest silver ETF, the iShares Silver Trust, rose to two-month highs of 10,898.14 tons, climbing 103.25 tons, their largest one-day rise since February 23.
Silver was bid at $36.15 an ounce against $35.85, having hit a 31-year high at $36.70 an ounce on Monday.
Elsewhere platinum was at $1,811.24 an ounce against $1,816.49, while palladium was at $786.47 versus $785.97.
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