Precious metals up
SINGAPORE - Gold rose to the highest level in seven weeks and silver gained the most in more than 30 years as Middle East unrest lured investors. Palladium reached a 10-year peak and silver was the most expensive versus gold since 1998.
Bullion for immediate delivery increased as much as 0.5 percent to $1,396.35 an ounce, the highest level since Jan 4, before trading at $1,394.78 at 2:15 pm in Singapore on Monday. The metal advanced for the sixth day, the longest winning streak since August. Cash silver rose 1.5 percent to $33.1425 an ounce, the highest level since March 1980.
"Gold, silver, platinum and palladium are all riding on investor interest against the backdrop of intensifying violence in the Middle East," said Hwang Il-doo, Seoul-based senior trader with KEB Futures Co.
Bloomberg News
(China Daily 02/22/2011 page17)
