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Gold Skyrockets to $1,500 an Ounce

Gold bars are pictured at Muenze Oesterreich (Austrian national mint) in Vienna in this February 17, 2011 file photo.  Spot gold  hit a record high of $1,488.50 an ounce on April 18, 2011, on concern about rising inflation.   REUTERS/Lisi Niesner/ Files  (AUSTRIA - Tags: BUSINESS)

Gold bars are pictured at Muenze Oesterreich (Austrian national mint) in Vienna in this February 17, 2011 file photo. Spot gold hit a record high of $1,488.50 an ounce on April 18, 2011, on concern about rising inflation. REUTERS/Lisi Niesner/ Files (AUSTRIA - Tags: BUSINESS)  (Reuters)

NEW YORK -- Gold futures briefly touched the psychologically-significant mark of $1,500 an ounce Tuesday, the latest in a string of new records for the fast-appreciating commodity.

Gold for June wavered between small gains and losses earlier, but recently added $6.40, or 0.5 percent, to trade at $1,499.30 on the New York Mercantile Exchange.

It traded as high as $1,500 shortly after noon ET.