Gold futures ended at a record high Friday as the dollar weakened and investors continued to flock to the metal as a hedge against fears of inflation and currency weakness Silver tracked gold to settle at a fresh 30-year high, and copper finished at another multi-month high. Gold for December delivery settled $1.80 higher at $1,298.10 an ounce on the New York Mercantile Exchange, just $2 shy of the key psychological mark of $1,300 an ounce. Gold has settled at a record high for six out of the past seven sessions, ending the week up 1.6 percent. The metal hit an intraday high of $1,301.60 an ounce earlier in the day. Silver, meanwhile, jumped to $21.44 an ounce - its highest level since September 1980. “The underlying bullish trend in the gold market continues to be fuelled by the high level of uncertainty regarding the United States and European economies,” said SEB Commodity Research analyst Filip Petersson. “Wealth preservation are the keywords. As long as we do not see a reduction in the uncertainty regarding the long-term economic outlook, gold prices will remain well-supported as the currency of choice for risk-averse investors.” He added that “the strategic view remains bullish (positive) and we expect prices above $1,350 per ounce before the end of the year.” Gold and silver were also driven by keen demand from exchange traded funds (ETFs). ETFs allow traders to invest money more easily in commodities, without trading on the futures market.
