Driving the yellowish metal to the top price of $1,524.20 per troy ounce was the ever weakening dollar, particularly when held against European currencies. To curb inflation, the European Central bank began increasing borrowing rates earlier this month while the U.S. Federal Reserve is believed to be slow to follow suit.
"There's not a lot the Fed can do to ease the dollar's suffering," said Matthew Zeman, a strategist at Kingsview Financial in Chicago. "The U.S. will be behind in the tightening cycle, and that's a green light to buy gold."
At 2:35 p.m. on Wednesday, gold futures climbed 1.19 percent, a $17.90 gain to $1,521.40 per troy ounce.
Gold futures setting record prices on Wednesday marks the second time this week. Tuesday was a slump day for the precious metal, which set highs on Monday.
At 2:34 p.m., silver futures increased 3.96 percent, a $1.786 gain to $46.865 per troy ounce. Silver futures resume driving toward two milestones: surpassing $50 per troy ounce and the record price of $50.35 per troy ounce.
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