Gold prices for the third straight session surged to record highs in Europe on Thursday, as persistent weakness in the dollar fuelled fund buying of the metal as an alternative, reports Economic Times. Gold`s gains lifted other precious metals, with silver reaching its strongest level since July 2008 and palladium hitting a 13-month peak. Spot gold rose to USD 1,053.30 an ounce against USD 1,043.70 late in New York on Wednesday. Earlier it touched a record high of USD 1,058.20 an ounce. Gold is often seen as a hedge against oil-led inflation. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose USD 10.40 to USD 1,054.80 an ounce. Among other precious metals, silver hit a 14-month high, lifted by gold`s gains and also, as an industrial metal, benefiting from optimism over the global economic outlook. Spot silver was at USD 17.78 an ounce against USD 17.55, having earlier touched a high of USD 17.89 an ounce.

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