Gold futures reached their record on Wednesday but remained below the mark of $1,800. Gold futures contract December delivery surged 0.5 percent or $8.80 to settle at $1,793.80 per ounce on Comex division of New York Mercantile Exchange. The respective contract touched its intraday high of 1,797.60 per ounce on Wednesday. Investors took fresh positions into gold futures in reaction to escalating euro zone’s sovereign debt crisis.

Moreover the decision of Venezuela’s President Hugo Chavez to nationalize country’s gold industry further created demand for gold. Hugo Chavez said in his address, “The value of gold keeps rising and Venezuela can’t allow it to continue to be taken away.” Venezuela is reported to have $12 billion of gold reserves.

Among other metals, silver futures contract for September delivery gained 1.3 percent or $0.53 to $40.35 per ounce, which also happens to be its highest in last two weeks. Copper futures contract for September delivery surged 1 percent or $0.04 to settle at $4.03 per pound.

Platinum futures contract for October delivery surged 1.3 percent or $22.70 to settle at $1,840.80 per ounce while its sister metal palladium futures contract for September contract jumped 2.6 percent or $19.40 to $775.90 per ounce.