Gold futures reached their record highest on Wednesday as investors shifted their focus towards the base metal on its safe haven status in reaction to depreciating dollar. Gold future is expected to reach $1,500 per ounce which would be its record high in history.

Silver futures contract also gained in reaction to bullish rally of gold and is just few pennies away to reach $40 per ounce which would be its highest in last 31 years.

Gold futures contract for June delivery surged 0.4 percent or $6 to settle at $1,458.50 per ounce at Comex trading session of New York Mercantile Exchange. The future contract reached the intraday high of $1,463.70 per ounce at Comex. According to most analysts gold is the focus of very investors as global geopolitical situation is getting worse day by day.

Gold reached its record high in 1980 at $875 per ounce which is equivalent to $2,350 per ounce in today’s dollars. Experts are of the opinion that reaching $1,500 per ounce level is very possible in the near future. Head of trading Afshin Nabavi from MKS Finance in Geneva commented, “The geopolitical situation is going from bad to worse, everybody is talking about gold at $1,500.”

Silver future contract for May delivery also advanced 0.5 percent or $0.20 to 439.39 per ounce. The future contract reached its highest back in 1980 at $50 per ounce.

Among other base metals copper future contract for May delivery gained 2.5 percent or $0.11 to $4.37 per pound. Platinum future contract for July delivery surged 0.1 percent $1,797.80 per ounce whereas palladium future contract for June delivery plunged 1.1 percent to $784.60 per ounce.