Gold futures hit a record for the third time this week, as investors sought safe havens, and silver futures rose to the highest closing price since 1980, reports
Year to date, gold has gained 17%, and silver 24 % percent.
Gold futures for December delivery moved up to $3.70, or 0.3%, to close at $1,277.50 an ounce at 1:45 p.m. on the Comex in New York; earlier in the day, the metal reached a record $1,284.40.
Silver futures for December delivery increased 4.5 cents, or 0.2%, to settle at $20.816 an ounce, the highest closing price for a most-active contract since Oct. 16, 1980, Bloomberg says. Earlier on Friday, the price reached a 30-month intraday high of $21.025.
George Soros told Reuters Wednesday that, despite setting records this week, gold prices . Still, he repeated a warning he originally issued at Davos in January: Gold is “the ultimate bubble.”
ABN Amro analysts noted this week that “some bearish sentiment is beginning to creep in,” reports a contributor to Futures.