Gold rose above $1,430 an ounce on Tuesday, supported by clashes in Libya, but remained well off the previous session’s record high as a retreat in oil prices prompted some investors to cash in gains in the metal.

Spot gold was bid at $1,433.95 an ounce at 12:16 GMT, against $1,430.74 late in New York on Monday. U.S. gold futures for April delivery firmed 20 cents an ounce to $1,434.70.

Prices hit a record $1,444.40 an ounce and oil rallied on Monday after troops loyal to Libyan leader Muammar Gaddafi launched a counter-offensive against rebels protesting against his 41-year rule, fuelling fears Libya was facing civil war.

Both oil and gold later retreated, however. Oil prices can be seen as a leading indicator of risk perceptions in the oil-rich Middle East and North Africa region, so falling prices tend to suggest less need to hold gold as a haven from risk.

As gold is often traded as part of a commodities basket which also includes oil, so the two tend to move in line.