LONDON—The spot price of gold set a fresh intraday record, and analysts said it should climb further, given nervousness about the financial health of some euro-zone nations and the potential for a further easing of U.S. monetary policy.
Spot gold recently traded at $1,426.40 a troy ounce, up $2.70, or 0.2%, on the day. It had earlier hit a new record of $1,428.50 an ounce.
"Looking at the $1,425/oz-$1,430/oz area, there should be quite a bit of resistance, but given supporting factors, a break could be on the cards soon," said Afshin Nabavi, head of trading and physical sales at MKS Finance.
Worries about the euro zone continue to weigh on investor sentiment, although the euro strengthened Tuesday on expectations that Ireland's austerity budget will pass a parliamentary vote. Comments from U.S. Federal Reserve chairman Ben Bernanke, who suggested on Sunday that the Fed's program to buy $600 billion in Treasury securities may be extended beyond the initial target it announced early last month, also have been benefiting the metal.
"As the year-end activity quietens down a little bit, probably in the second half of the month, I wouldn't be surprised—given there are no major surprises on the economic front—if we will be heading for $1,450/oz, or $1,500/oz," Mr. Nabavi said.
Silver also was around 30-year highs, having drawn in significant buying interest as a substitute for gold, market players said. Spot siliver recently traded up 38 cents, or 1.3%, at $30.46 an ounce.
Spot platinum was up $4, or 0.2% at $1,725 an ounce, and spot palladium climbed 49, or 1.2%, to $765 an ounce.
