InfoAnda - Gold hits record above $1300 , silver at 30-year peak

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap Gold hits record above $1300 , silver at 30-year peak AFP - Saturday, September 25 Send IM Story Print Gold hits record above $1300 , silver at 30-year peak LONDON (AFP) - – Gold soared to a record high above 1,300 dollars on Friday, dragging sister metal silver to a 30-year peak as investment demand propelled precious metals higher. Gold prices struck a record 1,300.07 dollars an ounce in afternoon trade on the London Bullion Market as investors sought a safe-haven for their money amid increased uncertainty over the global economic outlook. Silver, meanwhile, jumped to 21.44 dollars an ounce -- its highest level since September 1980. "The underlying bullish trend in the gold market continues to be fuelled by the high level of uncertainty regarding the United States and European economies," said SEB Commodity Research analyst Filip Petersson. "Wealth preservation are the keywords. As long as we do not see a reduction in the uncertainty regarding the long-term economic outlook, gold prices will remain well-supported as the currency of choice for risk-averse investors." He added that "the strategic view remains bullish (positive) and we expect prices above 1,350 dollars per ounce before the end of the year." Gold and silver were also driven by particularly keen demand from exchange traded funds (ETFs). ETFs allow traders to invest money more easily in commodities, without trading on the futures market. They are traded like shares and are widely regarded as an inexpensive and low-risk way of investing. "Gold is fuelled by a combination of things," said Commerzbank analyst Daniel Briesemann. "High investment demand can be seen in inflows into gold ETFs," added Briesmann. "Some central banks in Asia are also diversifying their currency reserves further, even at the current high price levels. "Furthermore, the general interest of investors is not waning and gold is sought for mainly as a 'stable currency'." Gold also won support from the weakening US currency, which makes the dollar-priced metal cheaper for buyers using stronger currencies and so tends to stimulate demand and prices. The European single currency rose against the dollar Friday after a surprise gain in German business confidence. Gold gained additional support this week after the US Federal Reserve hinted at more stimulus spending if the tepid US economic recovery cools further, sending the dollar reeling. "The prospect of further US quantitative easing and the resulting decline in the dollar was the main driver in the gold market during the last week," said SEB analyst Petersson. Since this time last year, gold and silver prices have soared by about 30 percent. "Poor man's gold shines again," said analyst Andrey Kryuchenkov at financial services firm VTB Capital in response to silver's 30-year high. Kryuchenkov also noted that silver enjoyed "robust investor demand" and industrial demand -- the metal is widely used in the manufacturing sector, as well as to make jewellery. Recommend Send IM Story Print News Search Top Stories Gold hits record above $1300 , silver at 30-year peak Gold hits 1,300 dollars for first time German business confidence posts surprise rise Arsenal post record profits British monarch 'asked for heating handout' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US state executes first woman in nearly 100 years Facebook boss to make $100 mln school gift: report Japanese quizzed in China as maritime row escalates Great white sharks no cold-blooded 'Jaws' Two new horned dinosaurs discovered in western US More Most Viewed » Climate: New study slashes estimate of icecap loss US state executes first woman in nearly 100 years US pastor puts Koran-burning on hold 'Time bomb' superbug requires global response: doctor Japanese rider Tomizawa dies in San Marino Moto2 GP More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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