Gold remained marginally up in Asian trade Tuesday while silver prices continued to climb after hitting a 31 year-high overnight. US gold futures for June rose $4.5 an ounce to $1,437.5 an ounce. Silver futures for May delivery advanced 76.2 cents, or 2 per cent, to $38.494/oz. Earlier, the price reached $38.62, the highest for a most-active contract since February 1980. Spot gold is currently trading at $1437.21/oz, $5 more than yesterday’s close, while spot silver prices are at $38.66/oz. Gold futures climbed to a record of $1,448.60/oz on March 24 amid the fighting in Libya, the Japanese nuclear crisis and European-debt concerns. Analysts said the yellow metal is likely to extend gains during the day as the conflict in Libya spurred demand for an investment haven. An expected increase in physical buying from China was likely to support silver, analysts added. The metal has more than doubled in the past 12 months, from $18.3/oz in April 2010. Palladium futures for June delivery climbed $9.35, or 1.2 per cent, to $784.40 an ounce. Platinum futures for July delivery gained $10.10, or 0.6 per cent, to $1787 an ounce. Silver jumped to its highest since early 1980 on Tuesday on inflation concerns, a rise in ETF holdings to another record and growing industrial demand, while gold hardly moved as the euro held below this week’s five-month high versus the dollar. On Monday, Gold futures edged higher and silver soared 2 per cent as crude prices at 30-month highs stoked fears of inflation and helped fuel investment demand for precious metals. Gold for June delivery added $4.10, or 0.3%, to $1,433 an ounce on the Comex division of the New York Mercantile Exchange. Silver for May delivery climbed 76 cents to settle at $38.49 an ounce, the latest in a string of 31-year highs.

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