FRANKFURT (MarketWatch) -- Gold futures climbed to a record on Wednesday, as dollar weakness continued to draw buyers into the precious-metals market.
Gold for December delivery, the most actively traded contract, soared to an intraday high of $1,117.80 an ounce in electronic trading on Globex, surpassing Monday's high of $1,111.70 an ounce.
December gold futures were last up $12.60, or 1.1%, to $1,115.10 an ounce on Globex.
The thinly traded front-month November contract was last up $12.70 to $1,114.60 an ounce on Globex.
"The positive data from Asia overnight has lifted gold back towards its recent highs, and with the dollar threatening to extend lower, gold is poised to challenge the $1,120 area," said James Moore, analyst at TheBullionDesk.com, in a note to clients.
China's industrial production and retail sales continued to accelerate at a faster-than-expected pace in October, data showed on Wednesday.
In Japan, private-sector machinery orders -- seen as a key leading indicator for the broader economy -- rose for a second month in September, according to government data.
In recent trading, the dollar was mostly lower against its major rivals, burnishing the investment appeal of the precious metal.
The dollar index (DXY 74.88, -0.14, -0.19%) , which tracks the performance of the greenback against a basket of other major currencies, fell 0.2% 74.851.
When the dollar declines in value, gold prices tend to rise.
"Technical factors will have the most important negative influence on gold prices in the near term" as the metal is overbought, said Tom Pawlicki, analyst at MF Global, in a note to clients.
"Longer-term support will be maintained from our belief that the [U.S. Federal Reserve] will maintain low rates, worries we have over the situation in Iran, and from increased investor interest," Pawlicki said.
Other metals futures also gained on Wednesday.
December silver futures rose 36 cents, or 2%, to $17.58 an ounce, and January platinum futures added $20.10, or 1.5%, to $1,371.30 an ounce.
