US gold futures rose to a second straight record high at above $1,240 an ounce on Wednesday, as Greece's debt contagion fears prompted safe-haven play despite a US stock market rally. COMEX June gold settles up $22.80, or 1.9 percent, at $1,243.10 an ounce. Ranged from $1,227.20 to $1,249.20 - an all-time high.
Despite abating sovereign risks, gold's rally largely driven by worries about "exit strategy" for central banks after ECB's rescue plan - Michael Jansen at J.P. Morgan. Investment demand was strong. The exchange-traded fund SPDR Gold Trust, said holdings stood at a record high 1,192.150 tonnes. Comex estimated final volume at 192,092 lots. Spot gold at $1,240.35 at 3:36 pm EDT (1936 GMT), versus $1,232.05 late in New York's previous session.
July silver ends up 36.9 cents, or 1.9 percent, at $19.663 an ounce, as short-term momentum traders pile in on the coattails of gold. Ranged $19.110 to $19.735 - highest since 2008. Comex estimated final volume at 38,813 lots. Spot silver at $19.52 versus $19.28 late in prior session. July platinum finishes up $46.50, or 2.7 percent, at $1,747.30 an ounce as gold's rally boosts platinum's appeal as a precious metal. Spot platinum at $1,741.50. June palladium closes up $15.25, or 2.9 percent, at $547.45 an ounce, taking the lead from platinum. Spot palladium at $540.50.