Gold hit a second consecutive record high on Thursday as mounting concerns over a worsening eurozone debt crisis and fears of US default powered the metal's longest winning streak in five years. Bullion notched a ninth straight day of gains, the longest since October 2006, and one shy of its best streak in over four decades.
The precious metal has risen more than 7 percent since its winning streak began. Spot gold touched a record $1,594.16, and was up 0.3 percent at $1,586.11 an ounce by 3:05 pm EDT (1905 GMT). US gold futures for August delivery settled up $3.80 an ounce at $1,589.30, after trading between $1,579.40 and $1,594.90. Silver rose 0.8 percent to $38.55 an ounce, building on the previous session's near 6 percent rise, its best one-day performance in over two months.
The gold:silver ratio - the number of silver ounces needed to buy an ounce of gold - eased to its lowest since late May at around 40. Among platinum group metals, spot platinum rose 0.7 percent to $1,763.74 an ounce, while spot palladium rose 0.1 percent to $773.25 an ounce.
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