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Gold finishes flat after hitting record above 1,440

Gold finished flat Wednesday after tapping a record high above 1,440 oz on safe-haven buying boosted by political chaos in Libya, rising Crude Oil prices, and testimony by the US Federal Reserve Chairman that kept players expecting US monetary policy to stay open and loose.

Gold rallied 10% since late January when tensions flared in the Middle East and Africa. Muammar Gaddafi Wednesday began a land, and air offensive to try to retake territory from rebels in Libya's Eastern region, and the chance of a civil war fueled Gold Bullion demand as a hedge against the uncertainty.

Spot Gold hit a session high 1,440.10 oz, a record for the 2nd straight day, it finished about 0.10 higher at 1,433.81 oz.

US Gold futures for Apr delivery settled up 6.50 at 1,437.70, with volume a bit higher than the prior session but lower than its 30 day average. Recent lower than usual turnover during Gold's gains caused some analysts to question whether record Bullion prices are sustainable.

Gold is building on a 6% rise in February, its biggest 1 month rise since August, as triggered by he chaos across the Arab World which unseated leaders in Tunisia and Egypt before spreading to Libya, Bahrain, Yemen, Oman and Iran.

Gold's record close Tuesday confirmed that its long-term up-trend has resumed, and the next technical resistance level is near its rising trendline at 1,487 oz.

Players said Gold was supported by expectations of a continuation of the easy monetary policies of the US Fed.
Silver rose to a High of 34.96 oz, its highest mark since Y1980. It later eased 0.3% to 34.54 oz.

Holdings in the World's largest Silver exchange-traded fund, the iShares Silver Trust, rose to their highest mark since January 14. The trust reported a small recovery in its holdings last month after they posted their biggest ever 1 month decline in January.

Platinum gained 0.4% to 1,846.74 oz and Palladium rose 0.3% to 816.97 oz.