Gold climbed to record settlement territory on uncertainty about European sovereign debt and the potential for more U.S. dollar weakness.
Gold for February delivery, the most active contract, gained $10.80, or 0.8%, to $1,417.20 an ounce on the Comex division of the New York Mercantile Exchange. It earlier traded as high as $1,420 an ounce.
The metal last closed at a record on Nov. 9, when it settled at $1,410.10 an ounce.
Silver, meanwhile, traded at a new 30-year high. Silver for March delivery added 50 cents, or 1.7%, to $29.77 an ounce.
Precious metals are the main beneficiaries of the current uncertainties in the markets.
Last week, gold gained 3.2%, after tacking on almost $17 Friday to end at $1,406.20. Adding fuel to the rally was news last week that China’s securities regulator has given the green light to a mutual fund to invest in foreign exchange-traded funds backed by gold.
