Gold futures on the COMEX Division of the New York Mercantile Exchange hit a new record high above 1,150 U.S. dollars on Wednesday as dollar weakened. The most active gold contract for December delivery rose 1.80 dollars to finish at 1,141.20 U.S. dollars an ounce. Earlier in the session, the precious metal soared above 1,150 dollars for the first time and touched as high as 1,153.40.
The dollar mostly declined on Wednesday as a Federal Reserve official said in a speech that interest rates may not rise until 2012 from the record low level near zero. The dollar index, a gauge measuring the greenback's value against other major currencies, slid more than 0.3 percent to 75.205 when gold pit trading closed, fueling gold's appeal of hedge. However, dollar's recovery in late session forced gold to give up most of the gains.
Asian stocks edged up as hunger for risk stayed high as the year end approached. The MSCI index of Asia Pacific stocks outside Japan rose about 0.4 percent, after touching the highest since July 31, 2008 on Tuesday.
