Gold futures contract reached their record again on Wednesday as investors turned their focus toward safe haven status of gold in reaction to sluggish global economy.  Moreover, the decision of US Federal Reserve to keep interest rate at its lowest also boosted gold prices.

Precious metals analysts, Jim Steel from HSBC in New York commented, “The market remains well bid and the downturn in the equity markets continues to show a lack of investor confidence.”

Gold futures contract for December delivery gained 2.4 percent or $41.30 to $1,784.30 per ounce at Comex trading session of the New York Mercantile Exchange. The respective contract touched its day’s highest of $1,801 per ounce making its new intraday record.

However some investors also went for profit taking as the SPDR Gold Trust which happens to be the most active gold backed ETF reported the decline of 1.297 metric tons in holdings.

Among other metals silver future contract for September delivery jumped 3.8 percent or $1.44 to $39.33 per ounce, whereas copper futures contract for September delivery slipped 2.1 percent or $0.08 to $3.9 per pound. The decline in copper prices was attributed to the increase in China’s copper imports to 306.6 thousand for the month of July.

Platinum futures contract for October delivery soared 0.9 percent or $15.30 to $1,771.70 per ounce on Wednesday while its sister metal palladium futures contract for September delivery fell 1.1 percent or $7.75 to $726.80 per ounce.