Gold climbed to a third record in a row on Wednesday, extending its biggest rally since 2008 as a dive in French bank stocks sent new shudders through anxious financial markets and US stocks skidded. Spot gold rose more than 3 percent to hit a high of $1,796.86 an ounce, but pared gains to stand 1.9 percent higher at $1,776.10 by 12:53 pm EDT (1653 GMT).
It also hit record highs in euro and sterling terms. US COMEX gold futures for August delivery briefly topped $1,800. Gold is up 7 percent this week, and 20 percent since June, having broken cleanly above technical resistance from a near three-year trend-channel and putting its ratio to the S&P-500 stock index at the highest since 1988. Gold's rally has broken it clear of the ascending trend channel that contained prices since late 2008 - the last time it staged an 8 percent gain over four days.
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