(Kitco News) – Gold prices are higher and hit another record high overnight, with June Comex gold reaching $2,372.50. Silver prices hit a two-year high overnight, with May Comex futures hitting $28.195. Save-haven demand remains a feature in the two precious metals. Fully bullish technical are also fueling speculative buying interest in gold and silver. June gold was last up $13.00 at $2,358.40. May silver was last up $0.382 at $27.885.

Broker SP Angel today in an email dispatch said the gold market rally has “dumfounded” most analysts, given the break from its correlation with U.S. Treasuries, which have sold off over the past month. Also, the U.S. dollar has been stronger and that’s usually bearish for gold and silver. “Central bank buying has been a sustained source of support for gold, with Bloomberg reporting China’s PBOC has added gold for the 17th month in a row,” said the broker, adding this has fueled speculation over a potential devaluation of the Chinese yuan, as well as geopolitical concerns over heightened aggression against Taiwan.