Gold, silver up on inflation, international worries

Precious metals saw new price hikes on Monday to start off the new month as investors worried about international conditions and inflation.

Gold for immediate delivery added over 1 percent to $661.50 per troy ounce, yet another 25-year high, before easing back to $659.60/$660.60 per troy ounce in late morning New York trade, a gain of 25 percent since the beginning of the year. June delivery gold was up by 1.1 percent to $661.60 per troy ounce on Comex after having reached $664 per troy ounce earlier in the day.

July delivery silver added 34 cents to $13.95 per troy ounce on Comex, while immediate deliveries gained 1.9 percent to $13.98 per troy ounce. The price of silver is up more than 50 percent since the beginning of the year.