Gold futures on the COMEX Division of the New York Mercantile Exchange further hiked on Wednesday, buoyed up by weak dollar and concerns over inflation.
The most active gold contract for February delivery climbed 1.4 dollars per ounce, or 0.1 percent, to settle at 1,365.5 dollars.
Market traders noted that continued rally in world's grain prices has brought inflationary concerns into forefront, which prompted investors to add gold holding to hedge their wealth.
The prices of wheat, corn and soybeans have staged red-hot hikes after the world's leading grain producers suffered adverse weathers, highlighting gold's appeal as a store of value.
Meanwhile, the weak dollar gives another push to gold market. The dollar Wednesday fell for a third day against the currencies of major U.S. trade partners as Federal Reserve Chairman Bernanke said the unemployment rate is likely to remain high "for some time."
Gold price had fallen into correction since the beginning of 2011, but recently regained strength from inflationary worries and hit 2-week high on Tuesday.
Meanwhile, Silver for March delivery further climbed 0.5 cents, or 0.0165 percent, to 30.276 dollars per ounce. However, April's platinum lost 2.5 dollars, or 0.13 percent, to 1,859.4 dollars.
The most active gold contract for February delivery climbed 1.4 dollars per ounce, or 0.1 percent, to settle at 1,365.5 dollars.
Market traders noted that continued rally in world's grain prices has brought inflationary concerns into forefront, which prompted investors to add gold holding to hedge their wealth.
The prices of wheat, corn and soybeans have staged red-hot hikes after the world's leading grain producers suffered adverse weathers, highlighting gold's appeal as a store of value.
Meanwhile, the weak dollar gives another push to gold market. The dollar Wednesday fell for a third day against the currencies of major U.S. trade partners as Federal Reserve Chairman Bernanke said the unemployment rate is likely to remain high "for some time."
Gold price had fallen into correction since the beginning of 2011, but recently regained strength from inflationary worries and hit 2-week high on Tuesday.
Meanwhile, Silver for March delivery further climbed 0.5 cents, or 0.0165 percent, to 30.276 dollars per ounce. However, April's platinum lost 2.5 dollars, or 0.13 percent, to 1,859.4 dollars.
