Gold and silver exchange traded funds (ETFs) were up more than 1% Tuesday afternoon as silver prices set a fresh multi-decade high and gold notched new records.

Prices rose as high as $1,455.50 an ounce, an intraday record for gold, MarketWatch reported.

Meanwhile, iShares Silver Trust (NYSEArca: SLV) traded above $38 a share.

Precious metals were moving higher Tuesday afternoon despite China’s latest interest-rate increase. [Will Latest Rate Hike Slow China ETFs?]

“The support for prices is largely attributable to persistent global uncertainty in the form of the ongoing conflict in Libya, a renewed focus on the European sovereign debt situation and a stronger oil price that has stoked fears over global inflation,” Standard Bank precious metals analyst Marc Ground said, Dow Jones Newswires reported.

SPDR Gold Shares (NYSEArca: GLD) was trading at a new 52-week high Tuesday.

In miner stocks, Market Vectors Gold Miners ETF (NYSEArca: GDX) jumped more than 4%.

For full disclosure, Tom Lydon’s clients own SLV and GLD.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.