Daily Gold Update

Source: Marketwatch

San Francisco— Gold and silver futures made history Wednesday, landing top marks as investors flocked to the safe haven of precious metals, with a weaker dollar speeding up the run. Gold notched a settlement and an intraday record high and set its sights on $1,500 an ounce. Silver stopped just pennies short of the psychologically important $40-an-ounce level, hitting a 31-year high on its way. Gold for June delivery rose $6, or 0.4%, to settle at $1,458.50 an ounce on the Comex division of the New York Mercantile Exchange.

The contract climbed as high as $1,463.70 an ounce earlier, according to a preliminary tally available at the CME Group�s website. CME owns and operates Comex. The settlement and the intraday nominal records supplanted the previous milestones reached just the previous day. �The geopolitical situation is going from bad to worse,� said Afshin Nabavi, head of trading at MKS Finance in Geneva. �Everybody is talking about gold at $1,500 [an ounce].� See full story.