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%.
