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SINGAPORE (Commodity Online) : Gold hits $1500 again in Asian trade

Date: Wed, 20 Apr 2011

Gold for immediate delivery was seen trading at $1497.84 an ounce at 1.00 p.m Singapore time while US gold futures for June was seen trading at $1,498.60 an ounce on the comex division of Nymex.

Earlier, spot gold climbed as much as 0.3 percent to $1,500.43 an ounce while bullion futures for June delivery gained 0.4 percent to $1,500.90

Analysts said the yellow metal might break into that glittering $1500 mark again during the day as investors continued to seek the metal to guard against rising inflation and currency debasement.

A weak dollar, worries over inflation and the economy will continue to support the bullion, they added.

A weakened dollar lent support to precious metals. The dollar index .DXY, a measure of the greenback against a basket of currencies, softened toward its 16-month low hit last week, after the euro and commodity currencies rebounded from a sell-off earlier in the week.

Meanwhile, silver also catching up with its yellow cousin as spot silver rose to $44.30, a level unseen since 1980, before easing slightly to $44.25, up 0.8 percent.

On Tuesday, benchmark June contract touching $1,500.50 an ounce in New York before settling at $1,495.10 an ounce.

Thinly traded front-month futures, for April delivery, also ended up 0.2%, or $2.20, at $1,494.50 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for April delivery settled up 2.2%, or 96.2 cents, at $43.919 per troy ounce. The contract's 1980 record is $50.360.

The most active silver futures, for May delivery, settled at a record $43.913 per troy ounce, outpacing its 1980's high of $41.50. The contract set an intraday record of $43.975 per troy ounce.

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