Gold prices rose above the $ 1,245 an ounce in Europe on Wednesday by the weak U.S. currency and also for the second consecutive decline in the global stock markets, factors that led investors to seek refuge from risk.
Investment flows soared the fund's largest holdings in gold-backed exchange-traded, the SPDR Gold Trust of New York, to a record high of 1313.135 tonnes.
Spot gold traded at $ 1,245.65 an ounce at 1124 GMT, against 1239.00 on Tuesday in New York. U.S. gold futures for August delivery rose $ 5.80 to $ 1,246.70 an ounce.
"In general, (gold) is fairly good and the renewed risk aversion continue to ensure that the market demanded, but it seems a little tired, so there is a fear they may need a further correction to attract new buyers," Saxo Bank said the manager Ole Hansen.
European shares moved away from recent seven-week high as investors doubted global economic growth after an unexpected drop in home sales in the United States was reported Tuesday.
The drop followed a decline in Asian stocks and the loss of 1 percent suffered by U.S. stocks on Tuesday.
The gold market
In currency markets, the euro rose against the dollar while the U.S. currency fell 0.2 percent against a basket of major currencies.
The weakness of the U.S. unit normally raises the attractiveness of gold as an asset alternative and cheaper raw materials denominated in U.S. dollars for holders of other currencies.
The inverse relationship between the dollar and gold is resurfacing after a decline of that relationship at the beginning of the year, when both assets benefited from risk aversion.
Silver was trading at $ 18.92 an ounce from 18.74, to 1578.40 from platinum and palladium 1582.50 from $ 481.50 to 484.
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