Gold price hits record high on Libya unrest

The price of gold has hit a record high on concerns about unrest in the Middle East and contagion risk from Libya, while oil has topped the $116 a barrel mark.

The price on the London Bullion Market jumped more than $14 to $1,434.50 an ounce yesterday, topping the previous mark of $1,431.25, set in December, the BBC reports.

Unrest across the Middle East and North Africa fuelled a 6% rise in gold prices during February.

Analysts say political problems were pushing oil prices higher and fanning concerns about inflation and slower global economic growth, according to the BBC.

Meanwhile oil prices, which have also been on the up since unrest broke out in North Africa and the Middle East, rose again this week.

In London, Brent crude rose 4.2% to $116.46, while US light, sweet crude rose 3.7% to $100.52.