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April 29, 2011 / 4:58 PM

Gold soars to $1,556 an ounce

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NEW YORK, April 29 (UPI) -- Gold forged yet another high Friday, rising to $1,556 on the Comex division of the New York Mercantile Exchange while the dollar suffered from inflation fears.

Silver moved to within striking distance of its all-time high.

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The dollar closed out the month with its worst performance since September 2010, hitting a 2 1/2-year low as investors worried about monetary policy and the national debt.

Nearby gold contracts added $25.20 on the day to $1,556 a troy ounce while silver added $1.064 to $48.584.

The euro fell to $1.4804 from Thursday's $1.4821. Against the pound, the dollar gained 0.77 cent to $1.6708.

The dollar was mostly lower in Asia. Against the yen, the dollar fell to 81.11 yen from 81.54, fell to 44.24 Indian rupees from 44.346 and to 7.765 Hong Kong dollars from 7.7686.

The Australian dollar rose to $1.0968 from $1.0927.

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