NEW YORK (TheStreet) -- Inflation fears continue to push gold higher Wednesday, as gold for December delivery rose to an intraday high of $1,049.70 an ounce in electronic trading.
Gold is currently at $1043.90, up $4.20.
On Tuesday, gold set a new closing high of $1,039.70 an ounce, up $21.90, or 2.2%, after rising above $1,045 an ounce during the session. The previous intraday high was $1,033.90 in March 2008, soon after the collapse of Bear Stearns.
Gold is used as a hedge against a weak dollar and inflation.
The dollar rose Wednesday to 88.86 yen after falling earlier Wednesday. The euro traded at $1.4690 from $1.4722.
