NEW YORK (CNNMoney) — Gold prices have hit a series of record highs this week, as a combination of inflation worries, a weaker U.S. dollar and geopolitical turmoil have weighed on investor confidence.
On Friday, gold futures for June delivery were up $15.40, or 1%, to $1,474.90 an ounce, a day after the contract settled at a nominal all-time high of $1,459.30 an ounce.
Gold has been on a tear since late January, when the metal traded as low as $1,320 an ounce. But the rally kicked into high gear this week, with gold touching new highs every day except Monday.
Of course, the records this week are not adjusted for inflation. Gold rose to $825.50 per ounce on Jan. 21, 1980, which is $2,211.65 in today’s dollars, according to the Minneapolis Fed Calculator.
Silver, meanwhile, rose over 2% to $40.46 an ounce, marking a fresh 31-year high on Friday. Indeed, silver outperformed gold for the week, rising nearly 7% versus a 3.2% gain for the yellow metal.
Platinum also rallied, jumping 2.4% this week to trade at $1,812.10 an ounce on Friday.
This week’s gains were driven by the confluence of several gold-friendly developments, said George Gero, a senior metals analyst at RBC Wealth Management.
“This is the perfect storm,” he said.