Gold struck another record high above $1,230 an ounce on Wednesday on safe haven buying as investors bet the eurozone debt crisis could spread beyond Greece. Jewellers cashed in on the rally and dealers noted a pick up sales of scrap in Asia, which could curb further gains. But any correction could be limited as a $1-trillion European rescue package had done little to ease fears of eurozone debt contagion.
Spot gold hit a bid high of $1,234.70 an ounce before slipping to $1,233.10 by 0516 GMT, still up $1.05 from New York's notional close on Tuesday, when buying from investors helped it surpass December's record.