Gold surged to a fresh record high on Tuesday, boosted by firm oil prices, with longer-term trends such as a weakening dollar spurring heavy buying by investment funds. Spot gold rose as far as ,80 an ounce, surpassing the previous record of ,05 reached last week.
Spot gold held near record highs on Friday in Asia as a rally in oil prices to more than a barrel and a weak dollar supported the investment appeal of the precious metal. Platinum hit a record high on Friday, before drifting lower. Investment funds are flocking to gold, which jumped more than 30% in 2007.