Precious metals gold and silver notched significant benchmarks on Monday because of investors' concerns about inflation, Bloomberg reports.
For the fifth straight session, gold futures struck record highs as silver futures exceeded $41 per troy ounce. Gold futures top value is $1,478.18 per troy ounce. Both metals' climbs are due to heavy investor activity because of a shaky dollar and inflation concerns, analysts said.
The increasingly pressurized U.S. dollar as "the easy monetary policy of the Federal Reserve is a contrast against the gradual tightening stance taken by other central banks," Ong Yi Ling, Singapore-based analyst with Phillip Futures, told Bloomberg. "A weak dollar increases the appeal of gold as a currency alternative."
Immediately prior to 11 a.m. on Monday gold futures were down 0.24 percent, a $3.50 decrease to $1,470.60 per troy ounce. Silver futures rose 1.45 percent, a 0.587 increase to $41.195 per troy ounce.
"Commodities across the board are rallying, aggravating the inflation outlook," Chae Un Soo, a Seoul-based trader at KEB Futures, told the news service. "For now, more and more investors are looking to precious metals as a shelter."
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