Silver surges 5 percent on dollar and gold at record

Spot silver surged more than 5 percent to top $49 ounce on Monday, moving closer to its 1980 all-time peak lifted by a weak dollar and strong physical demand in Asia that also sent gold to a record high for a seventh consecutive session.

Spot silver was heading for its biggest daily gain in five months, hitting a 31-year high of $49.31 an ounce. It was trading at $49.07 as of 5:45 a.m. ET.

Spot gold hit a record high of $1,518.10 an ounce, before easing to $1,517.05. U.S. gold futures hit an all-time high at $1,518.6.

"Everyone is buying," said a Hong Kong-based dealer. "There is stop-loss buying, as well as a good buying interest from China."

Read Full Article from Reuters

- Posted: 2011-04-25 10:00:55

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