Spot gold hit a record high above $1,589 on Thursday, buoyed by a sharp drop in the dollar after Moody's warned the US may lose its top credit rating, the possibility of more Federal Reserve stimulus and Europe's deepening debt crisis. Spot gold rose to a record of $1,589.56 an ounce, before easing to $1,584.51 by 0609 GMT. Gold was on course for its ninth consecutive day of gains, matching a similar winning streak in 2006.
US gold also hit a record at $1,590.80 an ounce. It was trading at $1,585.30, little changed from the previous close.