US gold futures rose to an all-time high for a second straight day on Wednesday as the US dollar fell to a 14-month low against the euro ahead of an expected interest rate hike from the European Central Bank (ECB). COMEX June gold futures settled up $6 at $1,458.50 an ounce. Ranged from $1,452.5 to $1,467 an ounce - a record high.
Gold drew support from renewed sovereign debt fears amid Portugal's financial crisis and inflation worries as crude oil and corn gently pulled back from new peaks. Spot gold hit a record $1,461.91 an ounce and was later up 0.6 percent at $1,458.90 an ounce by 2:40 pm EDT (1840 GMT).
COMEX May silver ended up 20.4 cents at $39.387 an ounce, tracking gold. Ranged from $39.120 to $39.785 an ounce. Silver eased off that session high to trade at $39.52 an ounce, up 0.7 percent. Strong investment demand drove silver up more than 1 percent to a 31-year high of $39.75 - its highest level since January 1980, when the Hunt Brothers cornered the market.
NYMEX July platinum finished up $1 at $1,797.80 an ounce on precious metals' gains. Spot platinum rose 0.1 percent to $1,787.99 an ounce. NYMEX June palladium closed down $8.50, or 1.1 percent, at $784.60 an ounce as investors took profits. Spot palladium slipped 0.5 percent to $782.22.
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