Rising concerns about inflation in China combined with fresh worries about European sovereign debt helped push gold to yet another record high of $1,489 an ounce, but pulling back to $1,484. Silver also moved higher, clearing $43 an ounce for the first time in three decades, and is now hovering around $42.90.
Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchangetraded fund, jumped 1.5 percent to 1,231.159 tonnes by April 15, from 1,212.964 tonnes on April 13. The holdings are the highest since Jan 24.
Precious metals are trading higher on COMEX today. We expect a further rise in the prices of precious metals on account of high investment demand and a weaker US dollar overseas.