The price of spot gold steadied today after hitting a record US$1,575.79 an ounce yesterday, while silver recovered from its biggest drop in 29 months.

The death of al Qaeda’s leader Osama Bin Laden accelerated spot gold’s drop to $1,540.39 from a record high of $1,575.79 on Monday.

Later Tuesday, spot gold was flat at $1,543.89 an ounce.

Gold’s bull run has continued as investors look for a safe haven for their money amid worries about the weak US dollar, the ongoing eurozone debt crisis and global inflation.

It lost some appeal following the death of Bin Laden but this concern will be short-lived, according to analysts.

Silver rose by 1.9pc to $44.71 this morning. Yesterday, silver experienced its greatest one-day fall in almost two-and-a-half years to hit two-week lows. The metal has risen by 45pc so far in 2011, making it the world’s top performing commodity.