Gold rose to a record high of almost $1,530 an ounce on Wednesday and silver jumped 6 percent after the Chairman of the Federal Reserve gave no signs that the central bank would tighten monetary policy, leading the dollar to a three-year low. It was the eighth record high in nine trading sessions for the gold, extending a rally that has seen the precious metal rise by more than $50 an ounce since April 15 and by more than $200 since the end of January.
Spot gold was last up 1.3 percent at $1,526.91 an ounce by 4:17 p.m. EDT (2017 GMT), easing slightly from the earlier record. US futures for June delivery were last up 1.6 percent at $1,526.90 in after-hours trade, having also touched a record of $1,530.70 an ounce. The official settlement for Wednesday was $1,517.10 an ounce, up $13.60.
Spot silver jumped by as much as 6 percent to an intraday high of $48.24 an ounce but was still below the 33-year peak of $49.31 hit on Monday. It remains on track for a 25-percent gain this month and a near 50-percent rise this year, which would make it the top performing precious metal and commodity of 2011. Spot silver was up 5.5 percent at $47.98 an ounce, while US silver was last up 6.4 percent - posting its largest percentage gain this year - at $47.95 in after-hours trade. The official settlement earlier was $45.9580 an ounce, up 90.80 cents. Platinum was last up 1.5 percent at $1,827.50 an ounce, while palladium was up 2 percent at $768.00.
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