Gold futures reached their record high on Friday despite stronger US dollar and developments on euro zone’s sovereign debt crisis. Gold price contract for August delivery advanced 0.9 percent or $14.20 to $1,601.10 per ounce on Comex trading of New York Mercantile Exchange. On Monday the respective contract reached the day’s high of $1,605.50 which is slightly higher than today.

It’s all time high stands at $850 per ounce back in January 1980 which is equivalent to $2,400 per ounce today after adjusting for inflation.

Investors are now closely watching the US debt ceiling negotiations. According to government $14.3 trillion debt ceiling has to be increased by August 2^nd, 2011or the US government will be on verge of getting default.

Among other base metals, silver futures contract for September delivery jumped 3 percent or $1.15 to $40.09 per ounce while Copper futures contract for September delivery gained 0.5 percent or $0.02 to $4.40 per pound.

Platinum futures contract for October delivery surged 0.6 percent or $11.20 to $1,799 per ounce on Friday while its sister metal palladium futures contract for September delivery advanced 0.3 percent or $2.50 to $806.50 per ounce.