Gold up in Asia, silver nears 31-year high

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SINGAPORE, Mar 1 (Dow Jones): Gold was up in Asia Tuesday while silver pushed above the $34 dollar level and is getting close to the 31-year high of $34.33 a troy ounce it hit on Feb. 22. After a volatile session Monday in which precious metals were supported by the ongoing political unrest in the Middle East, the focus is switching back to monetary policy concerns and the US dollar, with Federal Reserve Chairman Ben Bernanke due to start two days of testimony to the US Congress later Tuesday. "The US is unlikely to exit quantitative easing soon. Monetary policy will be loose compared to other central banks (like the European Central Bank) who may turn hawkish to combat inflation. This coupled with high oil prices could be negative on the dollar and positive for gold," Phillip Futures said in a note. At 0635 GMT, spot gold was at $1,415 a troy ounce, up $3.80 since Monday's New York close, with Tocom February 2012 gold at Y3,748 a gram, up Y25.