May 12, 2010

Gold jumped nearly 3 percent to an all-time high at above $1,230 US an ounce Tuesday, as traders sought safety after a $1 trillion European rescue failed to put to rest fears of euro zone debt contagion

After trading modestly higher in choppy trade earlier in the day, spot bullion prices kicked above their previous $1,226.10 peak set on Dec. 3 after U.S. stock markets turned negative at mid-afternoon, resuming a safe-haven rally that had threatened to stall with Monday’s brief revival of risk appetite.

Silver also rose 4.5 percent to a five-month peak, posting its biggest one-day percentage gain in six months, while platinum and palladium were little changed.

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