Gold futures surged to a record high above 880 U.S. dollars per ounce on Tuesday on safe-haven buying by funds and the soaring crude oil prices, Dow Jones said Tuesday.
January gold rose 18.40 U.S. dollars, or more than 2 percent to878 dollars a troy ounce on the Comex division of the New York Mercantile Exchange.
The most active gold contract for February delivery jumped 18.30 U.S. dollars, or 2.1 percent, to settle at 880.30 U.S. dollars per ounce after climbing to a contract high of 884 dollars.
The contract's peak has surpassed the previous record of 875 U.S. dollars per ounce set on Jan. 21, 1980.
"Large funds and specs continue to buy and hold into this gold rally, and I believe that you will continue to see the trend of long gold, long crude continue throughout 2008," said Zachary Oxman, senior trader with Wisdom Financial.
"There is fund buying all of the way up," said Leonard Kaplan, president of Prospector Asset Management. "Gold was up 30 percent last year. People are riding the winner."
Other commodities including energy, metals, agricultural futures also closed higher on inflation worries driven by the weakened U.S. dollar.
In other metals trading, March silver rose 52.5 cents, or 3.4 percent, to 15.815 U.S. dollars per ounce. April platinum surged 29.40 U.S. dollars, or 2 percent, to 1,560.50 U.S. per ounce.
March palladium reached 381.80 U.S. dollars per ounce, up 4.95 U.S. dollars. March copper jumped 15.75 cents, or 5 percent, to end at 3.2985 U.S. dollars a pound.
Gold, along with crude oil, are often among the top components in many commodity funds.
Crude oil price peaked at a record high of 100 U.S. dollars last week.
Source:Xinhua
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