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Oil & Gold Advance, Silver Surges to Record

February 18, 2011 at 0:48 by Vladimir Vyun

Gold rose to the highest level in a month and silver jumped to the 30-year high on increasing demand for the precious metals as an inflation hedge. The inflation in the US rose 0.4 percent in January, while experts predicted the 0.3 percent increase. The UK annual inflation was 4.0 percent in January, up from 3.7 percent in December. April futures for gold delivery rose $10 (0.7 percent) to $1,375.10 per ounce as of 13:42 on COMEX after the price reached $1,385.40, the highest level since January 13. March futures for silver delivery gained as much as $0.941 (3.1 percent) to $31.57 per ounce. The metal climbed earlier to $31.69, the highest price since March 1980.

Crude advanced after Israeli Foreign Minister Avigdor Lieberman claimed that two Iranian gunboats are planning to move through the Suez Canal to Syria, renewing the speculations that supplies from Middle East will be disrupted. The tensions on the markets just began to ease after Egyptian President Hosni Mubarak resigned his office. Now it looks like we have another round of panic among traders. March delivery for crude oil advanced $0.67 to $84.99 per barrel on NYMEX. April contract for Brent crude oil went up $2.14 (2.1 percent) to $103.78 per barrel on ICE.

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