Gold and silver exchange traded funds (ETFs) were higher Friday afternoon as markets focused on consumer inflation figures in China and the U.S.
Gold futures climbed to a new record while silver prices hit a fresh 31-year high.
“Commodities, including gold, will continue to be the focus of investors,” said Gavin Wendt, an analyst with MineLife Pty., according to Bloomberg.
The iShares Silver Trust (NYSEArca: SLV) and SPDR Gold Shares (NYSEArca: GLD) both traded higher.
The silver ETF rose to another record high on Friday.
However, one strategist on Thursday warned that metal ETFs providing liquid exposure to silver boost the odds of a swift and severe correction.
China said consumer prices in March rose 5.4% from a year ago as food costs jumped. In the U.S., consumer prices added 0.5% last month, according to a report.
For full disclosure, Tom Lydon’s clients own GLD, SLV.