Gold Rises to Record Closing Price, Silver Futures Top $31 on Haven Demand

Gold futures rose to a record closing price and silver topped $31 an ounce, extending a rally to the highest since 1980 as Europe’s sovereign-debt woes spurred demand for precious metals as a haven.

Gold rallied 30 percent in 2010, the 10th straight annual gain and the biggest yearly advance since 2007.

“I’m bullish on gold this year because it is still mainly a haven play,” said Park Jong Beom, a trader at Tong Yang Futures Trading Co. in Seoul. “The European-debt crisis remains unresolved, and investors continue to favor it as a safe-haven asset.”


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