NEW YORK, Apr. 15, 2011 (Kyodo News International) -- Gold prices renewed intraday and closing highs Friday in New York, ending above $1,480 an ounce amid inflation fears stemming from higher Chinese consumer prices.
Gold futures for June delivery climbed $13.60 from Thursday to close at $1,486.00 an ounce on the New York Mercantile Exchange. The key contract briefly hit an intraday high of $1,489.10.
Traders actively shifted their funds into the gold market as gold is not susceptible to price fluctuations, on growing fears of inflation worldwide following the release of China's Marchconsumer price index, which jumped 5.4 percent from a year earlier, market analysts said.
Also inducing gold buying were credit uncertainties in the eurozone economy, they added.
(Source: http://www.istockanalyst.com/business/news/5066210/n-y-gold-futures-hit-fresh-highs-end-above-1-480)
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