Gold rose, setting a record for the fourth time this week, as a weakening dollar boosted demand for the metal as an alternative asset and an inflation hedge. Silver climbed above $40 U.S. an ounce to a 31-year high.
Gold rose to $1,474.50 U.S. an ounce in New York, the highest ever, Friday morning after the dollar slid to the lowest level since December 2009 against a basket of six major currencies. Crude oil touched a 30-month high, and the European Central Bank yesterday raised borrowing costs from a record low to fight accelerating prices.
Gold futures for June delivery rose $11, or 0.8%, to $1,470.30 U.S. at 10:04 a.m. ET on the Comex in New York. Gold for immediate delivery in London climbed as much as 1% to a record $1,473.07 U.S.
Silver futures for May delivery advanced 6.8 cents, or 1.7%, to $40.22 U.S. an ounce. Earlier, the price touched $40.335 U.S., the highest since January 1980, the year futures reached a record $50.35 U.S.
Palladium futures for June delivery rose $14.50, or 1.9%, to $794.75 U.S. an ounce on the New York Mercantile Exchange, after touching a one-month high of $804 U.S. Platinum futures for July delivery gained $17.40, or 1%, to $1,808 U.S. an ounce on the Nymex. Earlier, the price reached $1,822.10 U.S., the highest since March 7.
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