Gold Futures Soar Above $1,049 - TheStreet

(Updated with recent gold futures prices, mining stock action)

NEW YORK (

TheStreet

) -- Inflation fears continued to push gold higher Wednesday, as gold for December delivery rose to an intraday high of $1,049.70 an ounce in electronic trading before retreating slightly.

In recent trading on the New York Mercantile Exchange, December gold contracts were adding $2.40 to $1042.10.

On Tuesday, gold set a new closing high of $1,039.70 an ounce, up $21.90, or 2.2%, after rising above $1,045 an ounce during the session. The previous intraday high was $1,033.90 in March 2008, soon after the collapse of

Bear Stearns

.

Gold is used as a hedge against a weak dollar and inflation.

The dollar rose Wednesday to 88.86 yen after falling earlier Wednesday. The euro traded at $1.4690 from $1.4722.

The

SPDR Gold Shares

(GLD) - Get Report

exchange-traded fund recently was shedding 14 cents to $102.14. Miner

Barrick Gold

(ABX)

was adding 10 cents to $38.94, while and

Newmont Mining

(NEW) - Get Report

was shedding six cents to $46.27.

-- Reported by Joseph Woelfel in New York

.

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