(Kitco News) - Most-active gold futures poked above $1,500 an ounce Tuesday in a market drawing support from economic, geopolitical and sovereign-debt worries, and traders say they see more upside to come.

Around 1 p.m. EDT, June gold on the Comex division of the New York Mercantile Exchange was $4.60 higher at $1,497.50 an ounce. It peaked at $1,500.50 an ounce, a record for a most-active contract.

(Kitco News) - The trend for gold and silver should continue higher next week as dollar weakness and continued geopolitical uncertainty will support the precious metals.

Gold’s next target will be $1,500 an ounce which could come as early as next week and market watchers see little standing in its way. Silver could target $43 an ounce, but given the velocity of the rise, it might be due for a small correction.

02 September 2010, 2:12 p.m.
By Jim Wyckoff
Of Kitco News
www.kitco.com

Comex gold futures prices ended higher, near the daily high and posted a fresh nine-week high close Thursday, boosted by a weaker U.S. dollar. Traders are awaiting Friday morning's key U.S. employment report. Look for a flurry of trading activity just after the 8:30 a.m. EDT release of the jobs report. December gold last traded up $4.80 an ounce at $1,252.90. Spot gold was last quoted up $7.10 at $1,252.00.