N.Y. gold futures fresh highs hits , end above $1,517


NEW YORK, Apr. 27, 2011 (Kyodo News International) -- Gold prices hit fresh intraday and closing highs Wednesday in New York, ending above $1,517 an ounce for the first time, amid growing inflation fears on speculation that U.S. monetary policy will remain accommodative for the time being.

Gold futures for June delivery climbed $13.60 from Tuesday to close at $1,517.10 an ounce on the New York Mercantile Exchange, after hitting an intraday high of $1,530.70.

Traders actively bought gold, deemed as a safe asset, as fears of inflation grew after the U.S. Federal Reserve said in a statement at the close of its policy-setting meeting that the central bank will maintain its ultralow interest rate policy, market analysts said.
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(Source: Quotemedia)

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