Gold roared to another record today as the dollar struck an all-time low against the euro and oil stood near $105 a barrel.
Spot gold jumped as high as $991.90 an ounce, mainly driven by speculative buying, up from $985.70/986.50 late in New York yesterday.
Trading was volatile today, with early selling dragging down the price to as low as $983.90 an ounce before speculative buying accelerated on dollar weakness, pushing the price to new highs.
Gold has gained as much as 19 per cent in 2008 as funds, speculators and investors pour money into precious metals on expectation of further interest rate cuts in the United States and record-high oil, which lift its safe-haven appeal.
Gold futures for April delivery on the Comex division of the New York Mercantile Exchange rose $2.8 to $991.3 an ounce, near its record high of $995.20 hit yesterday.
Silver struck a 27-year high on speculative buying, platinum was below an historical high, New York's Comex futures held near records around $995 an ounce, and Tokyo's platinum futures hit a new peak before ending lower on profit taking.