Silver futures also set 31-year highs and analysts said the increases are due to shaky political and security situations. Fighting in the Middle East and North Africa, debt-hobbled banks in the euro zone, oil prices' strong performances and worries about inflation rearing in various world regions all were drivers for the precious metals.
"The support for prices is largely attributable to persistent global uncertainty in the form of the ongoing conflict in Libya, a renewed focus on the European sovereign debt situation and a stronger oil price that has stoked fears over global inflation," according to a note to clients from Standard Bank precious metals analyst Marc Ground.
Gold futures broke beyond the record price of $1,444.82 per troy ounce, which was set March 27 to notch $1,457.40 per troy ounce. Silver futures' new 31-year-high is $39.235 per troy ounce.
Shortly prior to 4 p.m. on Tuesday, gold futures were up 1.7 percent, a $24.40 climb to $1,457.40 per troy ounce. Silver futures rose 1.92 percent, a 0.741 cent rise to $39.235 per troy ounce.
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