Forex: Gold appreciates to new record high at $1517.6 while Silver breaks $49

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The precious metal hit a lifetime high once again in this week’s first session, as it uniformly continue its ascend, which has seen it gain over $100 so far this month and has brought it to a new high of $1517.6. The safe haven commodity has become a very appealing choice for many market participants at such times of market uncertainty, what with the resurface of the European debt woes and Standard and Poor’s threat to downgrade US bonds.

 

The debt woes in Europe have resurfaced with Portugal in line for the next bailout, as worries over a restructuring of Greece’s debt has led investors to seek comfort in Gold and look towards it as a safe haven alternative.

 

Silver has also been steeply rising this month, recording its biggest ever gain in a month, at over $11 thus far. This month’s gains mark an increase of over 30% – an astounding appreciation for the metal that has recently been Boyed on by a weak Dollar – as the commodity rose from a monthly open of 37.64 to a monthly high of 49.77. The recent rise of Silver marks a 31 year high for the increasingly sought commodity.