LONDON: Gold surged to a record high on Wednesday as investors sought safety from the risk of Greece's debt crisis spreading to other countries, with demand for coins, bars and bullion-backed exchange-traded funds all climbing.
Spot gold hit $1,244.45 an ounce, a gain of nearly 20 percent since early February. It was bid at $1,238.45 an ounce at 1441 GMT from $1,232.05 late in New York on Tuesday. US gold futures hit a record $1,245.40 an ounce. Gold priced in euros extended its record high to 982.51 euros an ounce on Wednesday, and has risen 28 percent since early February, outstripping dollar gold's climb. Gold priced in sterling hit a record 835.49 pounds, and in Swiss francs a record 1,381.16 francs.
Spot silver rose to $19.68 an ounce, its highest since March 2008. It was last at $19.57 from $19.28 late on Tuesday. Platinum was bid at $1,731.50 an ounce from $1,702 and palladium at $537.50 from $532 on Tuesday.
Copper firms: Copper prices rose on Wednesday, as more austerity measures in Spain boosted the euro and equities, but sentiment remained fragile as investors fretted over mounting debt problems in the eurozone. Benchmark copper for three months delivery on the LME rose to $7,120 a tonne at 1428 GMT from $7,050 at Tuesday's close. The metal, used extensively in construction and wiring, dropped to $6,632.75 a tonne last week, its weakest since mid-February. Aluminium cancelled warrants were at 281,100 tonnes versus 265,500 tonnes on April 30. Aluminium was at $2,155 a tonne from $2,105. Steel-making ingredient nickel was at $23,200 a tonne, from Tuesday's $22,590, while battery material lead was at $2,068.25 from $2,050. Zinc traded at $2,115 from $2,070 and tin was at $17,750 from $17,500. reuters
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