MCX Metal Updation
Gold futures in New York climbed above US$1,300 an ounce on Friday, while silver reached its highest price since 1980 in London, as global investors continued to seek refuge in the precious metals amid growing uncertainty about the economic recovery.
Gold for December delivery hit an intraday high of US$1,301.30 an ounce, breaking above the closely watched level of US$1,300. The contract rose US$3.20, or 0.2%, to US$1,299.50 an ounce in electronic trading on Globex.
On Thursday, December gold rose US$4.20 to end at US$1,296.30 an ounce on the Comex division of the New York Mercantile Exchange. That marked the latest in a string of closing record highs.
Spot gold added US$5.95, or 0.5%, to US$1,298.40 after earlier today reaching US$1,299.90. The US dollar today fell against its major rivals, with the dollar index down ~0.6% at 79.66. The euro rose by close to 1% to US$1.3441.
Silver for immediate delivery in London added as much as 1.4% to US$21.415 an ounce, the highest price since October 1980, and traded at US$21.3375 at 11:29 a.m. in London.
Silver futures for December delivery climbed as much as 1.1% to US$21.445 an ounce and last traded at US$21.375 on the Comex in New York.
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