Gold climbed to a third record in a row over $1,800 an ounce on Wednesday, extending its biggest rally since 2008 as a dive in French bank stocks sent new shudders through anxious financial markets. Rising more than 2.5 percent to take its four-day winning streak to nearly 8.5 percent, gold's long rally showed few signs of letting up as the locus of traders' euro zone debt fears shifted from Spain and Italy to France, which traders fretted could be next in line for a debt crisis.
Spot gold rose more than 3 percent to hit a high of $1,796.86 an ounce but pared gains at midday as stocks attempted a rally. Bullion then rebounded, rising 2.6 percent to $1,789 by 4 pm EDT (2000 GMT) as Wall Street closed down more than 4 percent. US COMEX gold futures briefly topped $1,800, then settled at $1,784.30, up 2.4 percent. It also hit record highs in euro and sterling terms.
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