The price of gold hit a record high above $1,450 an ounce in London this evening.
Traders said the metal, seen as a 'safe haven', was lifted by worries over geopolitical unrest, surging oil prices and a Chinese interest rate hike.
Meanwhile, oil prices rose to fresh two-and-a-half-year highs this evening, with Brent crude topping $122 a barrel at one point as unrest in oil exporting countries in the Middle East and Africa outweighed China's fourth interest rate hike since October.
The prospect of a stalemate prolonging the loss of 1.3 million barrels per day (bpd) of exports from Libya loomed amid unsuccessful efforts to end the war.
Brent was up 84 cents at $121.90 a barrel after closing at $121.06 a barrel on Monday. That was its highest close since August 1 2008. US crude fell 42 cents to $108.05.
The fourth Chinese interest rate increase since October briefly triggered a decline of around $1 a barrel in oil prices earlier in the day, but oil pared losses as bloodshed continued in Yemen and anger brewed in Nigeria over delayed elections.
Worries about oil supply turned to Nigeria after elections there were postponed by a week due to logistical problems, sparking fury among voters who were promised a break with a history of flawed and violent polls.
Saudi Arabia has raised supply and introduced lighter grades of oil to help fill in for missing Libyan output, but traders question how much more room for output increases remains.
Former Saudi oil minister Sheikh Zaki Yamani told Reuters oil prices could leap to $200 to $300 a barrel if the kingdom is hit by serious political unrest.
