Gold prices reached new heights on Tuesday (March 1) as increasing global political tension and buying in China helped drive speculation.

After an intraday move just over $1,435, gold closed Tuesday’s traded at a record closing price of $1,433.20. One ounce of gold currently fetches $1,432.50 in early Wednesday morning New York NYMEX trade.

According to top analysts, gold prices are moving higher partly because of global political tensions, but also because of significant gold buying in China, which is the second leading producer of gold in the world.

UBS AG has reported that China but a whopping 200 metric tons of gold during February, which combats inflation and suggest a move to $1,500 is pending.

The record move for gold prices has been somewhat overshadowed by another push through $100 per barrel for oil prices.

Increased political unrest in Libya has virtually divided the nation into two parts. Building tension in Iran, the second leading oil producer among OPEC members, has also stoked fears of oil supply shortages.

One barrel of light sweet crude futures trades at $100.02 in early Wednesday morning trade on the New York NYMEX. This is up $.39 over Tuesday’s settle price.

Surging commodities prices have also supported higher values for the euro and pound. One euro currently gets $1.38353 while the pound is worth $1.63012.

A mixed bag of US job news announced Wednesday morning effectively serves as a non-factor in terms of affecting perception of the current economic situation in the country.

Challenger, Gray & Christmas, Inc. reported that planned government and non-profit layoffs of 50,702 during February was the highest amount since March 2010.

However, a short while later, ADP reported that the private sector added 217,000 jobs during the month. This beat analyst expectations of 175,000 jobs added.