27 Apr 2011

Gold at new high

8:00 am on 27 April 2011

Gold hit a new high on Monday, driven up by a weaker US dollar and continuing tensions in the Middle East and North Africa.

The spot gold price rose as high as $US1513.70 per ounce during early trading in Asia, before retreating.

Silver briefly reached an all-time high of $US49.79 per ounce before falling to $US49, the highest since 1980 following the revolution in Iran.

Investors have been buying gold as a safe-haven investment to guard against inflation and recent geopolitical turmoil.

Dealers say it could even trade as high as $US1520 per ounce.