Gold stands above 1,500 USD per ounce

16:06, April 22, 2011      

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Gold futures on the COMEX Division of the New York Mercantile Exchange settled above the key mark 1,500 U.S. dollars per ounce on Thursday, as concerns over debt and inflation boosted investment demands. The weakening dollar gave additional push.

The most active gold contract for June delivery gained 4.9 U.S. dollars, or 0.33 percent, to 1,503.8 dollars per ounce.

Market analysts said that sovereign-debt concerns in U.S. and Europe along with inflation fears provide a good backdrop for gold.

Greek two- and 10-year government-bond yields reached records amid speculation the nation won't be able to avoid restructuring its debts. The cut in U.S. credit prospect also affected confidence in the U.S. economy.

Moreover, the dollar index fell 0.6 percent to 73.898 on Thursday, the lowest since August 2008, which offered additional support for gold.

Gold prices have increased for five consecutive trading days and posted a record 10 times this month.

Silver for May delivery also hiked 1.598 dollars, or 3.6 percent, to 46.059 dollars per ounce, a fresh 31-year record. July Platinum also increased 17.9 dollars, or one percent, to 1820.7 dollars.

Source: Xinhua
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