Gold rises to record high on mounting safe-haven demand
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Gold futures on the COMEX Division of the New York Mercantile Exchange hit a fresh all-time high of 1,279.5 U.S. dollars per ounce on Thursday, as investors flocking to the perceived safety of the bullion in times of economic uncertainty.
The decline in U.S. dollar also enhanced gold's appeal as an alternative investment. Silver soared to the highest level since March 2008, platinum extended gains.
The most active gold contract for December delivery climbed 5.1 dollars, or 0.4 percent, to finish at 1,273.8 dollars per ounce, which exceeded the contract's record settlement of 1,271.70 dollars an ounce posted on Tuesday.
Euro climbed against the greenback on Thursday, as a well- received auction of Spanish government debt tempered investor's concern over the financial health of eurozone nations. Gold received strong help as the dollar dropped to a 5-week low against the euro, and made the bullion much cheaper for investors to use other currencies.
Traders noted that gold extended its overnight rally after the better than expected U.S. jobless benefits claims data released on Thursday morning failed to lift the U.S. equity markets and encouraged investors to seek refuge from an uncertain global economic outlook, which supported gold price to easily surpass its previous record set on Tuesday.
December silver climbed 20 cents, or 1 percent, to 20.771 dollars per ounce. October platinum added 6.6 dollars, or 0.4 percent, to 1,611.9 dollars per ounce.
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