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New Records of Gold, Silver, Crude Oil

April 6, 2011 at 23:17 by Vladimir Vyun

Gold was at the all-time high for the second day as demand for the precious metal as an inflation hedge increased, while silver touched the 31-year record today. Federal Reserve Chairman Ben S. Bernanke stated this week that inflation must be watched “extremely closely”. China increased its interest rates yesterday to combat inflation that grew at the fastest rate since 2008. June futures for gold delivery added $6 (0.4 percent) to $1,458.50 by 13:39 on COMEX. Contract for immediate delivery of gold surged in London to the all-time record of $1,462.30. May futures for silver delivery went up $0.204 (0.5 percent) to $39.387 per ounce on COMEX, following the jump to $39.785, the highest level since January 1980.

Crude oil climbed today to the highest level in 30 months on concerns that the situation in Libya may worsen. The North Atlantic Treaty Organization flew 155 missions yesterday and planned to perform another 198 today. The upcoming election in Nigeria, Africa’s top producer of crude, can also disrupt supplies. May futures for crude oil delivery increased by $0.49 to $108.83 per barrel on NYMEX, the highest price since September 22, 2008.

If you have any questions and comments on the commodities today, use the form below to reply.

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