Gold and silver prices jump to new record highs

Gold rose as high as $1,518.30 (£918.70) an ounce during morning trading in Europe, before falling back. Silver briefly reached an all time high of $49.79 an ounce before retreating to $49, still the highest since 1980. Investors have been buying precious metals as a haven against inflation and recent geopolitical turmoil. Analysts 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 Sector Investments, which specialises in gold and oil investments.

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