Spot gold surges over 2 pct, above $1,020/ounce

TOKYO, March 17 (Reuters) - Spot gold XAU= surged more than 2 percent to a record high of above $1,020 an ounce on Monday on heavy safe-haven buying due to a plunge in the dollar as concerns over U.S. financial problem heightened.

The dollar tumbled after JPMorgan Chase said it would buy cash-trapped Bear Stearns and the Federal Reserve cut its discount rate. [ID:nN16640873]

Spot gold climbed as high as $1,021.40, compared with late New York levels on Friday of $996.90/997.70.

U.S. gold futures GCJ8 also hit a record high of $1,023.80 per ounce in electronic trading on Monday. (Reporting by Chikafumi Hodo; Editing by Rodney Joyce)