The achievement for the yellowish metal comes as its value has plunged 2.6 percent thus far in 2011. By contrast, 2010 not only saw gold soar 30 percent in value but also achieve its 10th straight year of annual gains. Moreover, gold notched its record price of $1,432.50 per troy ounce on December 7 of last year.
"Gold is ready to resume its uptrend because of the worsening outlook for inflation," said James Turk, the founder of an outfit called GoldMoney.com, which managed $1.4 billion worth of precious metals and currencies for investors. Those figures are current for late January 2011.
Just prior to 4:30 p.m. on Thursday, gold futures were up 0.63 percent, an $8.60 gain to $1,383.70 per troy ounce. Silver futures were up 3.61 percent, a $1.106 rise to $31.735 per troy ounce.
"Silver is playing catch-up to gold and will pull gold higher," Frank McGhee, head dealer at Integrated Brokerage Services in Chicago, told Bloomberg. "The market has turned its attention to geopolitical fear, food inflation and the Fed not changing its stance."
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