A faltering U.S. dollar helped gold puncture the US$1,500-per-ounce threshold temporarily on April 19 and set another record high.
Gold futures contracts for June delivery hit a high of US$1,500.50 per ounce before settling back to US$1,495.10 per ounce.
Silver futures for May delivery added $0.96 to close at $43.91 per ounce, which is a 31-year high.
The U.S. greenback remains under pressure after Standard and Poor’s threatened Monday to downgrade the U.S. government’s AAA credit rating citing debt concerns.
Ian Telfer, who is the chairman of Vancouver-based Goldcorp Inc. (TSX:G; NYSE:GG), has been expecting gold to hit US$1,500 per ounce for well over a year.
“I’m very bullish on it going forward,” Telfer told Business in Vancouver in February (See “Egyptian instability unlikely to move gold price: Telfer” – BIV Daily News; February 9, 2011.)
“Some people say it will go to US$5,000, but I don’t think it’s going to go straight up to that.”