Gold futures touched a new record during Asian trading hours Wednesday, while silver prices hit a fresh 31-year high, as investors flocked to the safe haven of precious metals.
Gold for June delivery rose $2.00, or 0.13%, to $1,454.40 an ounce on Globex, after hitting $1,458.50 earlier in the session.
On Tuesday; the metal hit its previous record top of $1,455.50 in New York.
Benchmark silver futures also broke new ground, with the contract for May delivery hitting a fresh 31-year record, gaining 20 cents or 0.5% to $39.40.
Silver prices have improved by more than 27% this year, while gold prices are up by 2.3%.
European debt concerns and geopolitical instability in North Africa and Middle East have sparked metal buying, in spite of Tuesday’s unexpected interest-rate rise by the People’s Bank of China.
The broader suite of metals were mostly stronger, with copper for May delivery adding 21 cents or 0.5% to $4.31 a pound.
Platinum for July delivery traded up $1.40 or 0.1% to $1,798.20, while sister metal palladium was was weaker, with the June contract slipping $ 3.20 (0.4%) to $ 789.90.
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