Gold prices edged higher on Tuesday fed by concerns over inflation unleashed by high oil prices and an increased safe-haven appeal amid growing tensions in the Middle East following western powers' air strikes on Libya. Spot gold edged up 0.2 percent to $1,427.86 an ounce by 0706 GMT, after reaching $1,434.70 in the previous session, just $10 off the record high hit on March 7.
Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell a hefty 10.616 tonnes, its largest one-time fall since late January, suggesting some waning investor interest in bullion. Gold futures on the Tokyo Commodity Exchange edged up 0.2 percent to 3,725 yen per gram, or $1,426.695 an ounce.
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