Gold jumped nearly 3 percent to an all-time high at above $1,230 an ounce on Tuesday, as traders sought safety after a $1 trillion European rescue failed to put to rest fears of eurozone debt contagion. After trading modestly higher in choppy early activity, bullion prices kicked above their previous $1,226.10 peak set on December 3 after US stock markets turned negative at mid-afternoon, resuming a safe-haven rally that had threatened to stall with Monday's brief revival of risk appetite.
Silver also rose 4.5 percent to a five-month peak, posting its biggest one-day percentage gain in six months, while platinum and palladium were little changed. After touching a record $1,233.65 an ounce, spot gold rose $30.85 or 2.6 percent to $1,232 an ounce at 5:05 pm EDT (2105 GMT), against $1,201.90 late on Monday.
US gold futures for June delivery on the COMEX division of the NYMEX was up more than $30 at above $1,230 an ounce. Earlier, June settled at $1,220.30 an ounce. Silver hit a five-month high at $19.42, and was last at $19.28 an ounce against $18.44, boosted by short-term investment demand, analysts said. Platinum group metals were largely flat after Monday's rebound. Platinum was at $1,702 an ounce against $1,693 and palladium at $532 against $529.