Silver poised for biggest monthly gain in 22 years; gold rises (SLV, GLD)

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May 29, 2009 8:34am ETF BASIC NEWS NYSE:GLD

goldandsilverSilver futures gained more than 2% Friday, heading for their biggest monthly gain in 22 years as inflation worries and hopes for an economic recovery boosted the metal. Gold rose to three-month highs as the dollar slipped.

Silver for July delivery, the most active contract, gained 33 cents, or 2.2%, to $15.49 an ounce on the Comex division of the New York Mercantile Exchange. The front-month June contract stood at $15.42 an ounce.

Meanwhile, gold for June delivery rose $13.40, or 1.4%, to $974.90 an ounce.

Silver gained 25% this month, the biggest since April 1987.

In exchange-traded fund, iShares Silver Trust ETF (SLV)  has gained 33% this year, following their 40% decline in the second half of last year.

SPDR Gold Trust (GLD) , meanwhile, has risen 9% this year. It fell 6% in the second half of last year.

In other metals Friday, July copper gained 4.55 cents, or 2.1%, to $2.1825 a pound. The June palladium contract rose $2.20, or 1%, to $234.20 an ounce, while July platinum rose $30.10, or 2.6%, to $1,180 an ounce.

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