Silver hits 30-year high

Gold futures hit another record high Friday — breaking above $1,300 US an ounce as investors piled into the precious metal as a perceived safe haven.

The December futures contract for bullion was trading at $1,300.50 US an ounce at 8 a.m. ET in New York. That was a gain of $4.20 from Thursday's close.

Gold got a boost after France reported better-than-expected GDP figures, strengthening the euro and tamping down the U.S. dollar. Gold is priced in U.S. dollars, so a weaker American currency makes it cheaper for those outside the U.S. to buy gold.

Some analysts said $1,300 was a key level for gold to breach.

"It's seen technically as a resistance level," said CPM Group analyst Carlos Sanchez, who said if gold can trade above that level, investor momentum will likely boost it even higher. "The next rally could be between $1,320 or $1,330 US," Sanchez said.

It was the fourth day of record gold prices this week. Bullion prices, which have risen almost 20 per cent this year, have recorded gains for 10 straight years. That's the longest winning streak since 1920, Bloomberg reported.

Investors and speculators have been flocking to gold as an alternative to currencies amid growing worries about the health of the global economy.

Silver also hit a new 30-year high. It was trading at $21.40 US an ounce — its highest level since the Hunt brothers of Texas tried to corner the silver market in 1980. At that time, silver prices hit $50 US an ounce.