NEW YORK - Gold powered to record highs on Wednesday for a second day in a row, despite a stronger dollar, but oil and copper prices faltered on renewed worries about the economy and its impact on demand for commodities. Agricultural markets put in a mixed performance, with sugar plunging 4 percent in New York and cocoa hitting 24-1/2-year highs in London. Grains such as corn and wheat rose modestly in Chicago. The 19-commodity Reuters-Jefferies CRB index fell nearly half a percent, after rising more than 1 percent to touch 2-1/2-week highs in the previous session. “We still have major supply and demand issues,” Phil Flynn, analyst at Chicago’s PFGBest Research said, referring to the high stockpiles of oil and other industrial commodities and whether economic recovery would be strong enough to offset these. Gold thrived as investors looked for a safe haven amidst such worries. Spot gold hit a historic $1,048.20 an ounce, and was at $1,043.70 an ounce late in New York on Wednesday, against Tuesday’s comparative quote of $1,040.85. At the COMEX division of the New York Mercantile Exchange, gold futures for December delivery closed up $4.70 at $1,044.40 an ounce, after dealing in a session range between $1,037.80 and $1,049.70, an all-time high. Other precious metals also rose. Spot palladium hit $313.50 an ounce, its highest level since August 2008. Platinum rose to a two-week high and silver to a three-week peak. “In the mid to long run, gold is the perfect hedge,” said Pau Morilla-Giner, portfolio manager at U.K. investment fund London and Capital. “If there is any growth scare, or the path of growth is disappointing, we will see some flight to safety in gold.” Crude oil fell 2 percent, slipping below the key $70-a-barrel support, after government data showed fuel stocks surging last week in the United States, the world’s biggest energy consumer. U.S. crude for November delivery settled down $1.31 at $69.57 a barrel after the Energy Information Administration reported that gasoline stocks leapt 2.9 million barrels last week, nearly three times the build that analysts had expected. Oil prices were also hurt by a stronger dollar. The dollar recovered ground against the euro and other major currencies after plumbing on Tuesday in the wake of an interest rate hike in Australia. In copper, the London Metal Exchange’s benchmark three-month delivery contract fell $21 to $6,095 a tonne. U.S. copper futures for December delivery eased 0.50 cent to settle at $2.7795 a lb. Sugar prices tumbled as news of harvests rolling in and diminishing bottlenecks in supply eased a market that had seen some of its highest prices in three decades this year. New York’s March raw sugar futures fell 0.88 cent to 23.12 cents a lb. London’s December white sugar finished down $18.70 at $586.80 per tonne. Cocoa prices rallied on bullish German cocoa grind data that signaled increased capacity and restocking. London’s second-month March cocoa futures closed up 15 pounds at 2,159 pounds per tonne, after hitting 2,173 pounds — the highest level in 24-1/2 years.

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