By Jesse Cohen
Investing.com – Gold prices scored their best weekly gain in three months, with prices of the yellow metal breaking above the $ 1,900-mark for the since September 2011 on Friday.
for August ended up $ 7.50, or 0.4%, at $ 1,897.50 per ounce on New York’s Comex.
It earlier rose to a session high of $ 1,904.60, its strongest level in nine years, when gold hit a record high of $ 1,923.70 on September 6, 2011.
For the week, gold rose nearly 5%, rallying for a seventh straight week and posting its biggest weekly advance since the start of April.
At current levels, gold is closing in on its 2011 all-time high.
Many expect the precious metal to continue its march towards the never-before-seen-level of $ 2,000 an ounce in the coming weeks.
Gold has surged 24% this year, boosted by low interest rates and a flood of stimulus from the Federal Reserve and U.S. government.
, meanwhile, settled 0.6% lower on Friday at $ 22.85 per ounce.
Like gold, it too rallied to its best level in years, hitting its highest since September 2013 at $ 23.64 on Wednesday.
Silver jumped over 15% for the week, its best since 2008, bolstered by hopes for a revival in industrial activity.
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