Gold futures remained bullish on Thursday and posted gains for three consecutive days. The gold future contract made its intraday record high in last 31 years.  Uncertainty grew over the sovereign debt problems in Europe, moreover higher inflationary pressures made investors shift their focus towards the safe haven status of Gold. However many experts believe that the correction is overdue and profit taking could take place any coming sessions.

Gold future contract for June delivery declined 0.1 percent or $0.80 to $1,459.30 per ounce on Comex trading session of New York Mercantile Exchange. The contract reached the day’s high of $1,466.50 per ounce.

Silver future contract for May delivery also gained 0.4 percent or $0.16 to $39.55 per ounce on Thursday. Silver future contract has been closing in positive zone consecutively for four trading sessions.

Despite overwhelming performance by both gold and silver contracts many analysts believe that correction is likely to happen in any coming sessions.

President of T&K Futures and Options Inc Michael K. Smith from Florida commented, “This just got to be too far, too fast, I’ve been getting all kinds of calls,” he further added, “That is a great kind of good contrarian indication. I tried to dissuade everyone to buy, or at least procrastinate.”

The increase in interest rates should result in appreciation of gold prices but many experts believe that the affect of recent interest rate hike by European Central Bank is already factored in the current prices.

Copper future contract for May delivery also gained 1.1 percent or $0.05 to $4.42 per pound. Platinum and palladium on the other hand posted losses. Platinum futures contract for July delivery plunged 0.4 percent or $7.20 to settle at $1,790.60 per ounce while palladium futures contract for June delivery declined 0.6 percent or $4.35 to $780.25 per ounce.