The prices of gold and silver have hit new record highs, driven by a weaker US dollar and continuing tensions in the Middle East and North Africa.

受美元贬值及中东、北非紧张局势的影响，国际金银价格再创新高。

Gold rose as high as $1,518.30 (£918.70) an ounce during morning trading in Europe, before falling back.

Silver briefly¹ reached an all-time high of $49.79 an ounce before retreating to $46.91.

Investors² have been buying precious metals as a haven³ against inflation and recent geopolitical turmoil⁴（混乱，骚动） .

Analysts⁵ say gold could even trade even higher.

"We as a company believe that we may see $1,600 an ounce by the end of the year," said Angelos Damaskos, a fund manager at Sector⁶ Investments, which specialises in gold and oil investments.

"But gold could easily surprise everybody and go to significantly higher levels because of the relatively⁷ small supply of the metal."

Monday was the seventh consecutive⁸（连贯的） trading session that saw the price of gold rise.

The price of gold has risen sixfold in the last 10 years, and has more than doubled since the global financial crisis of 2008.

However, the price of silver has been even more volatile⁹, having quintupled since 2008, and up 12-fold in the last decade.

By mid-morning in London on Monday, silver was trading just below the high of $49.45 that it reached in 1980 following the Iranian revolution and related oil price spike¹⁰.

'Dollar play'

Much of the rise in both metals is seen as the flipside（另一面） of a decline in the US dollar.

"It's the dollar play," said a Singapore-based dealer¹¹, referring to the gold rally. "There is more room for prices to go even higher."

The greenback（美钞） has been steadily¹² declining against most other currencies since the end of the financial crisis.

With the US central bank, the Federal Reserve, pumping unprecedented¹³ amounts into the financial markets, there are fears the dollar may lose its status as the favourite reserve currency of the world's central banks, with precious metals being an obvious alternative.

On Wednesday, the Fed chairman, Ben Bernanke, is expected to affirm its commitment to quantitative¹⁴ easing, a programme to flood money markets with liquidity¹⁵.

The policy tends to drive down the value of the US currency, and has been openly criticised by China and other countries who hold large dollar reserves.

The prospect¹⁶ of low interest rates in the US is driving investors seeking higher returns towards gold.

"Investors expect the Fed to continue with low rates, which means the dollar could be even weaker, unless there were game-changing comments from Bernanke," said Ong Yin Ling of Phillip Futures¹⁷.

Investors continue to react nervously¹⁸ to the uncertainty¹⁹ in the Middle East. An escalation²⁰（增加，扩大） in violence in Yemen and Syria over the weekend has also helped the price of gold strengthen.