Gold futures traded on heavy bullish rally on Wednesday’s trading session. Investors were uncertain due to increasing crude oil prices and were expecting high inflation. Traders shifted their focus to safe haven investments in reaction to political crisis and riots in Libya and Middle East. Moreover situation in Japan has further added to surge of gold futures.

Gold future contract for April delivery soared 0.8 percent to $1,439.50 per ounce on Comex trading session of New York Mercantile Exchange. This happens to be the record for the gold contract. Earlier the contract reached its highest of $1,437.70 per ounce as on March 2^nd, 2011.

As prices of food and energy prices are surging up traders are also expecting high appreciation in price s of gold.  Senior market strategist Charles Nedoss from Olympus Futures in Chicago commented, “Gold is gaining momentum, and so is crude oil.”

Copper also gained on the bullish rally as the copper future contract for May delivery moved up 2.7 percent or 11 cents to $4.43 per pound which happens to be its highest since March 4^th, 2011.

Copper has gained as the experts are expecting higher demand for the metal especially in Japan for re-construction efforts. Economists foresee the budget of $309 billion for restoration of Japan after earthquake destruction.

Moreover as the inventories of copper have been decreased at London Metal Exchange experts project more demand.

Among other metals silver future contract for May delivery also gained 2.5 percent to $37.18 per ounce. This also happens to be highest for the metal in last 31 years.