Gold rose toward $1,675 an ounce on Wednesday, hitting its second record in two days, as investors sought refuge from stock market volatility, a slowing economy and an extended period of loose US monetary policy. Spot gold was up 0.2 percent at $1,662.74 an ounce by 2:58 pm EDT, having earlier hit a record at $1,672.65, beating Tuesday's high by about $12.
US gold futures for December delivery settled up $21.80 to $1,666.30 an ounce. Trading volume topped 200,000 lots, in line with the previous session, as investors focused on safe metals amid choppy equity and currency markets. On weekly charts, gold rose toward $1,675 near the top of a rising channel dated to the start of gold's rally in 2008. Some analysts suggested that the metal could pull back near the channel-top resistance level.
Silver rose to three month highs, trading 2.1 percent higher at $41.67 an ounce. Platinum group metals fell but losses were limited as a South African mine workers union started a new round of talks over wages that could lead to work stoppage and lost output. Platinum was down 0.6 percent at $1,779.49 an ounce and palladium fell 3.5 percent to $793.91.
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