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Money News

U.S. gold hits record high of $1,043.20 an ounce

Gold bars are displayed at Mitsubishi Materials Corporation in Tokyo in this March 2008 file photo. REUTERS/Issei Kato

NEW YORK (Reuters) - U.S. gold futures rose to an all-time high of $1,043.20 an ounce on Tuesday as a weakened U.S. currency prompted investors to buy gold as a hedge against dollar-denominated portfolios.

That bested the previous record of $1,033.90 for COMEX gold on a second-month continuation basis set earlier this morning.

Most-active December gold contract was up $22.60, or 2.3 percent, at $1,040.40 an ounce at 10:19 a.m. EDT (1419 GMT) on the COMEX division of the New York Mercantile Exchange.

(Reporting by Frank Tang; Editing by John Picinich)

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