Gold futures were soaring to a record high in New York Tuesday, climbing one point to nearly $880 an ounce as inflation-wary investors rushed to find protection in the metal.
Recently, February-dated gold contracts were at $876.30, up $14.30 on the session.
Stocks were benefitting from the jump, and the Amex Gold Bugs Index was up nearly 6%. All 15 components of the subgroup tracker were in the green.
The best individual names were
, up 7.7%,
, gaining 9.6%, and
, surging 7.2%.
Also climbing were
, better by 6.5%, and
, advancing 6.1%.
were adding 6% or more.
Contributing to the latest rise were a rebound in oil prices and another drop in the U.S. dollar. Crude was up $2.01 at $97.10 a barrel, while the dollar slipped against its major competitors, with the exception of the Japanese yen.
The euro was at $1.4710, up from $1.4692 in the last session, and the pound was increasing to $1.9749 from $1.9695. The Australian dollar was the big winner, gaining 1.5% on the U.S. currency to 88.16 cents from 86.87 cents previously.
Elsewhere among metals, silver was surging 37 cents to $15.66 an ounce. Copper was tacking on 11 cents to $3.25 a pound.