As per the London libero report The Spot gold hit a high of $1,149.15 and was at $1,147.30 an ounce at 1201 GMT, against $1,141.50 late in New York on Tuesday. US gold futures for December delivery on the COMEX division of the New York Mercantile Exchange also hit a record $1,149.60 and were later up $8.30 at $1,147.70 an ounce.
"Yesterday the market took a breather and tested below $1,130 very quickly, (but) a few physical related bargain hunters were lined up to grab the dip," said Afshin Nabavi, head of trading at MKS Finance in Geneva. The market is being underpinned by fresh interest in gold from the official sector, he said, after a recent major bullion acquisition from India and smaller buys by the central banks of Mauritius and Sri Lanka.
The acquisitions underlined gold's appeal as a portfolio diversifies, especially in an environment where further dollar weakness was expected, analysts said. The dollar eased back on Wednesday from its biggest rise in three weeks in the previous session, as traders awaited US inflation data due at 1330 GMT.
The dollar index, which measures the US currency's performance against a basket of six others, was down 0.57 percent, while the euro/dollar exchange rate firmed. Other commodities also climbed, with oil rising back towards $80 a barrel and copper to 13-1/3 month highs near $7,000 a tonne. Both are being lifted by the weak dollar.
The physical market was quiet, however, with India's gold demand abating as prices struck fresh record highs after offtake picked up slightly in the previous two sessions, while scrap flow eased on hopes for higher prices.
Gold's strength also lifted other precious metals, with silver hitting a 16-month high at $18.83 an ounce, platinum reaching a peak of $1,463.50, its highest since September 2008, and palladium reaching a 15-month high of $376. Later silver was bid at $18.72 an ounce against $18.40, while platinum was at $1,460 an ounce against $1,453 and palladium was at $375 against $370.
"Given the bullish tone in the rest of the complex and increasing investment demand, both metals are likely to test higher in the coming sessions with resistance above pegged at $1,490 and $400," said TheBullionDesk.com analyst James Moore.
More on this Share Brokerage house and market Trade player believe that US $ will loose soon its Global currency level due to high Deficit of the Country(US) so that IMF recommend China Currency Yuan for the Global currency for 1 decades and 5 years, because of the $ weakness every Asian and Euro country were acquire more gold for there reserve and strengthening to more foreign currency comparative of $, that is Yuan to look forward by the countries,
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