By Nick Godt , MarketWatch MUMBAI (MarketWatch) — Gold futures traded at fresh record levels and silver topped $40 an ounce during Asian trading hours Friday, with investors chasing the safety of precious metals as turmoil in the Middle East lifted crude oil futures above $111 a barrel, while the euro jumped and the dollar sank. Gold for June delivery (GCM11 1,472, +12.70, +0.87%) was up $8.60, or 0.6%, at $1,468 an ounce. It earlier tapped a high of $1,468.30 in electronic trade. On Thursday, it settled at a record close of $1,459.30 an ounce on the Comex division of the New York Mercantile Exchange, after hitting a intraday high of 1,466.50 an ounce. Silver has also been climbing alongside gold recently. Silver for May delivery (SIK11 4,024, +68.80, +1.74%) , which rose over the past four sessions, gained 60 cents, or 1.5%, to $40.16 an ounce. The run of precious metals duing Asian trading followed that of oil futures, which climbed over $111 a barrel in Nymex electronic trading, amid supply concerns from oil-rich countries in or around conflict zones throughout the Middle East and North Africa. “Gold continues to draw support from the ongoing geopolitical uncertainty [...], dollar weakness, elevated oil prices, concerns over inflation and — adding fuel to the fire yesterday — was Portugal’s request for financing from the European Union,” Barclays Capital wrote in a note. Citing World Gold Council data, it said Portugal holds 81% of its reserves in gold. On Thursday, the European Central Bank also hiked interest rates, lifting the euro and putting pressure on the dollar. A weaker dollar tends to lift the price of dollar-denominated commodities.

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