A Shiny, Sparkling Day

Gold and silver prices jumped on Friday as investors were drawn to precious metals as an alternative currency on the back of a weak dollar that slumped the most in five months.

U.S. gold futures touched as high as $982 an ounce for June delivery on the Comex division of the New York Mercantile Exchange, its highest since late February. Gold has gained 9.8% in the month, the biggest monthly gain since November.

On the other hand, silver futures for July delivery advanced 3% to $15.61 an ounce and their largest monthly gain in 22 years. Unlike gold, this metal is used for industrial applications such as solar cells. Industry insiders believe that hopes of an economic recovery have also played a role in boosting silver prices.

If the weakness of the dollar against other major currencies like the euro and the yen continue, following historical evidence, experts feel the prices of precious metals could shoot up even more.

Read the full analyst report on GOLD