Comex gold for June delivery rose $22.80 an ounce to $1,243.10 an ounce on the New York Stock Exchange after trading between $1227.20 and $1247.70. Traders are flocking to gold on persistent concern about pressure on the euro and other currencies and as traders used the yellow metal as a hedge against inflation.
Crude oil prices fell almost 1% on Wednesday after a weekly report showed a bigger than expected increase in stockpiles.
US light crude for June slipped 72 cents to settle at $75.65 a barrel on the New York Mercantile Exchange.
The report from the Energy Information Administration showed crude supplies grew by 1.9m barrels last week, more than expectations of 1.7m barrels. Gasoline inventories rose by 2.8m barrels while distillates, used in diesel and heating oil, rose by 1.4m barrels.
Demand for crude was also dampened by a report from the International Energy Agency which lowered its global demand forecast for 2010.
Meanwhile concern about debt problems in Europe continued to bubble away. While inventory data was the main focus on Wednesday investors continue to worry about economic stability in Europe and the impact that will have on oil demand.
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