Investor jitters send gold and silver to a new high

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The traditional safe haven surged to a high of 1282.75 dollars an ounce, while silver prices also reached their highest level for two and a half years.

The latest rise comes amid consistently strong demand for bullion since the credit crunch struck.

Spot gold reached a 28-year high in late 2007 and pushed above 1000 dollars an ounce in March 2008.
Daniel Wills, senior analyst with ETF Securities, said there were several factors behind the rise.

These included worries over the health of developed economies and dollar weakness amid prospects of interest rates in the United States staying low.

Another factor is a report from consultant GFMS, which said that the world's central banks would be net buyers of the precious metal this year for the first time in more than 20 years.

IG Index head of research Anthony Grech said: "The upswing in the metal favoured in times of market uncertainty shows there is still a healthy amount of bearish sentiment out there."

FTSE 100 gold miner Randgold Resources added 60p to 6355p, while African Barrick Gold ticked 3p ahead to 603p.