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Gold hits record high above $875 Veronica Brown Gold surged to a record high above $875 per ounce on Tuesday as investors poured into the market, confident of further upside in the metal with support from a weaker dollar and firm oil. Spot gold sprinted to a record $875.80 an ounce, surpassing the historic high of $869.05 hit last week. By 11 a.m., bullion stood at $872.70/873.40 an ounce, up roughly 1.5 percent from $859.70/860.40 quoted late in New York on Monday. "There's extraordinary investor appetite for gold which seems relentless," SGCIB economist Stephen Briggs said. "The buying just seems to go on and on and on." Other bullion markets reflected the move in spot gold. The most active February COMEX gold futures contract was trading up $14.80, or 1.7 percent, at $876.80 from the New York settlement.
In Tokyo, the key December 2008 gold contract on the Tokyo Commodity Exchange (TOCOM) ended at 3,097 yen (14.27 pounds) a gram, up 53 yen or 1.7 percent from Monday's close of 3,044 yen. Traders said gold and other commodity prices had found support so far in January from fund re-allocation cash, with pension funds and other long-term investors having pumped an estimated more than $100 billion (50 billion pounds) into commodities over the past five years.
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