13th July 2011
Inflation fears also fuelled the rise, The Guardian reported.
It hit a high of $1,587.46 per ounce after Ben Bernanke , chairman of the US Federal Reserve, hinted at a further round of quantitative easing.
The Financial Times said expectations of a further round of quantitative easing had pushed up the price of the yellow metal.
In the US Mr Bernanke told Congress that the Federal Reserve was ready to provide "additional policy support" – read futher QE- if the economy remained weak.
Gold's price surpassed a previous peak of $1,575 on May 2 while silver also jumped on Wednesday by as much as 6.1 per cent to a peak of $38.30 a troy ounce.