Gold futures contract made their record level despite weak European economic data. Gold futures for December delivery gained 1.5 percent or $27 to settle at $1,785 per ounce in Comex trading of New York Mercantile Exchange. Its earlier record which was made on August 10^th stood at $1,784.30 per ounce. However for on Tuesday the respective contract reached the intraday high of $1,789.80 per ounce which was still lower than August 10^th intra-day record of $1,801 per ounce.

Analyst Andrey Kyuchenkov from VTB Capital in London commented, “The short-term outlook for gold remains positive as there are still far too many macro uncertainties at the moment with softening economic readings.”

Other precious and base metals also followed the gold rally and reported appreciation in settlement except copper which is currently moving in bearish trend due to reduced industrial demand.

Silver futures contract for September delivery surged 1.3 percent or $0.51 to settle at $39.82 per ounce. Platinum futures contract for October delivery gained $20.90 to $1,818.10 per ounce while its sister metal palladium futures contract for September delivery jumped $10.15 to settle at $756.50 per ounce.

Copper futures contract for September delivery declined $0.04 to $3.99 per pound on Tuesday.