Daily Gold Update

Source:Marketwatch

New York— Silver futures surpassed $15 an ounce Thursday for the first time in more than nine months, rising more than 2% as hopes for an economic recovery raised inflation concerns. The metal has many industrial uses, but it is also seen as a hedge against inflation. With newly released economic data indicating an economic recovery and with concerns over long-term inflation rising, investors pushed up silver prices.

The metal has gained 34% this year. In comparison, gold has risen less than 10%. In Thursday trading, silver for July delivery, the most active contract, rose 29.5 cents, or more than 2%, to end at $15.16 an ounce on the Comex division of the New York Mercantile Exchange. It rose above the $15 level for the first time since early August. The much less active June contract ended at $15.15 an ounce. "The $15 level is a break-out area for silver," said George Gero, a precious-metals trader for RBC Capital Markets. "Silver is not a pure precious metal. It's also an industrial. So what helps silver is the fact that there could be a recovery." See full story: Marketwatch