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Gold at All-Time High & Silver Touches 31-Year High

April 6, 2011 at 4:43 by Vladimir Vyun

Gold climbed to the record and silver reached the highest level in 31 years as demand for safety increased among investors. Moody’s Investors Service downgraded Portugal’s credit rating from A3 to Baa1 and placed the rating on review for possible downgrade. Concerns about the conflict in Libya and nuclear threat of Japan also plague markets.

The precious metal may still retreat from the record levels as economic recovery can support risk appetite of traders. The European Central Bank demonstrates readiness for an increase of the interest rates and the US Federal Reserve signals that it’s considering to raise the rates too. Meanwhile, China already raised its interest rates yesterday.

June delivery for gold traded at $1,453.10 per ounce in New York after jumping to the all-time high of $1,458.60 yesterday. Bullion for immediate delivery rose $2.02 to record of $1,457.75 later traded at $1,452.25 per ounce. Cash silver traded at $39.1938 per ounce, following the jump to $39.3125 per ounce.

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