Gold extended gains on Wednesday as inflation fears stoked by record high oil prices boosted the metal's safe-haven appeal in times of uncertainty. Gold rose to $941.00/942.05 an ounce from $938.40/939.40 late in New York. It rallied to hit a high of $945.80 an ounce on Tuesday, its strongest since April 18, on the back of rising oil prices and weak stock markets.
"Now, we are looking for a test of the $950-$955 regions or a possible break above these regions to provide a strong platform for gold to retest the record high levels," Philip Futures said in a report. Silver inched down to $18.05/18.11 an ounce from $18.08/18.13 late in New York on Tuesday, when it rallied as high as $18.19, its loftiest level since May 27, to track gold.
Spot platinum rose to $2,070.00/2,090.00 an ounce from $2,069.00/2,089.00 late in New York. Spot palladium firmed to $466.00/474.00 an ounce from $464.00/472.00 an ounce. The most active Tokyo platinum contract for June 2009 delivery on the Tokyo Commodity Exchange rose 48 yen per gram to 7,006 yen.
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