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NEW YORK ( TheStreet ) -- Gold prices and silver futures were popping Friday as investors opted for the metals amid a weak dollar and strong inflation numbers out of Europe. Gold for June delivery exploded $25.20 to settle at $1,556.40 an ounce on the Comex division of the New York Mercantile Exchange. The spot gold prices was rising $25.50 an ounce, according to Kitco's gold index. Silver prices for July moved $1.05 higher to settle at $48.59 an ounce. "Don't be surprised if the silver spot price reaches at least $60 by the end of May," said Patrick A. Heller, owner of Liberty Coin Service and Premier Coins & Collectibles in Lansing, Mich. "Also don't be shocked if it becomes almost impossible to acquire physical silver for immediate or short-term delivery." Gold and silver futures extended Thursday's gains, as European inflation accelerated to 2.8% in April, which was much higher than the 2% European Central Bank target. European inflation rose at its fastest clip in two and a half year amid soaring energy prices. Since Wednesday, the dollar has been weakening and gold and silver have been gaining, thanks to the unanimous decision by the Fed to keep interest rates at 0% to 0.25% until at least the Fall as well as keeping its balance sheet the same size after quantitative easing ends in June meant more cheap money for longer. Gold mining stocks, a risky but potentially profitable way to buy gold, were trading mixed Friday morning. Kinross Gold ( KGC) gained 0.9% to close at $15.84. Goldcorp ( GG) rose 1.4% to $55.83, while Agnico-Eagle ( AEM) was up 2.9% to $69.56 and Eldorado Gold ( EGO) rose 4.3% to finish at $18.68.
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