Dhaka, Bangladesh (BBN) – Throughout the week, Gold prices remained on the higher side amid some volatility, rallied on Monday, having struck a record high of US$ 1,444.40 an ounce on inflation worries triggered by rising oil prices as widening clashes in Libya.

However, on Wednesday prices rose again and towards the end of week, prices held steady on Thursday below a record high reached earlier in the week with investors focused on a rebound in oil prices linked to mounting unrest across the Arab World, and renewed concern about Euro zone debt, all supporting the metal’s safe haven appeal, a weekly review report said.

Silver prices also peaked to 31-year high during the week reaching as high as $ 36.33 an ounce on Monday, steadied towards the end of week to close around $35.92 an ounce, according to the report.

During the week, U.S. crude surpassed $106 a barrel to reach the highest price in 2 years on Monday as the civil war is brewing in Africa’s largest holder of oil reserves.

Towards the close of week, oil rose around 0.4 percent on Thursday with U.S. crude near $105 and Brent above $116 a barrel, after forces loyal to Libyan leader Moammar Gaddafi bombed oil industry infrastructure, inflicting what could be longer-term damage on the country’s exporting capacity.

BBN/SSR/AD-13Mar11-1:11 am (BST)