Silver Futures Gain, Gold May Advance on Europe Debt, Inflation

Silver futures gained and gold may extend its two-week rally as Europe’s debt crisis and accelerating inflation draw investors seeking to protect their wealth. Gold priced in yuan rose to a record.

Silver for July delivery jumped as much as 1.4 percent to $38.395 an ounce, extending last week’s 7.9 percent gain, in electronic trading on the Comex in New York, and reached $38.09, a 0.6 percent gain, by 1:15 p.m. Immediate-delivery gold was little changed at $1,538.45 an ounce, while bullion for August delivery was 0.2 percent higher at $1,539.80 an ounce on the Comex. Gold in Shanghai rose to an all-time high of 319.92 yuan ($49.34) a gram today. U.K. and U.S. exchanges were closed for holidays, and today’s trades will be counted in tomorrow’s pricing.