The most recent high-water mark for the precious metal is $1,509.60 per troy ounce, which surpasses the previous record of $1,508.40 per troy ounce that was set earlier in the day. Analysts attribute gold's healthy performance to bleak economic data, including the weakening U.S. dollar and debt troubles in Greece one year after the nation received a bailout for its hobbled banks and financial institutions.
"Gold is and shall be the increasingly important reservable currency," according to Dennis Gartman, an economist and the editor of the Gartman Letter of Suffolk, Virginia.
At 1:25 p.m. on Thursday, gold futures gained 0.41 percent, a $6.20 rise to $1,505.10 per troy ounce.
Silver futures also continued performing strongly. At 1:31 p.m. silver futures were up 3.78 percent, a $1.679 climb to $46.14 per troy ounce.
"The driving factor is currency uncertainty. The dollar index is down again, so the inflation factor is creeping into the market," Bill O'Neill, partner of commodity firm LOGIC Advisers, told Reuters. "Silver continues to attract huge speculative interest. Even though silver is outperforming gold, the genesis of this rally is still related to the flight-to-safety factors supporting gold."
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