Precious metals notched milestones Friday morning as gold futures set record highs for the fourth straight day this week while silver futures arrived at their highest prices in more than three decades.
Bloomberg reports gold futures' top value now is $1,473.07 per troy ounce and silver futures, shortly prior to 8 a.m., were up 1.85 percent, a 0.733 cent lift to $40.285 per troy ounce. Analysts believe the precious metals have been driven up by economic data and developments.
"Inflation concerns took the driver’s seat, fueling demand for precious metals," Lim Chae Myung, a Seoul-based trader at Hyundai Futures, told Bloomberg. "There's no clear-cut improvements in Europe, the Middle East and Japan. The favorable climate for gold will continue."
The U.S. dollar plunged to its lowest value since 2009 when compared with six counterpart currencies. For the first time in three years, the European Central Bank raised interest rates earlier this week. After months of speculation, another euro zone nation acknowledged the poor state of its banks and financial institutions as Portugal requested a bailout.
"Inflation expectations are rising," said Walter de Wet, an analyst at Standard Bank in London. Debt issues in the euro zone are "certainly adding support. Most of the rally the past few days has been on the back of the dollar weakening."
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