国际英语新闻：Gold hits all-time high on safe-haven buying

CHICAGO, Sept. 14 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange surged to all-time high of 1,276.5 dollars per ounce during mid-session and closed at a record high on Tuesday, as Europe's disappointing economic data rekindled investors' worries over European recovery.

Meanwhile, the weakening dollar and early weakness in U.S. equity markets also sparked speculative buying interest in gold market and helped push up the price. Silver and Platinum both surged.

The British consumer price index jumped 3.1 percent in August from a year earlier, while economists were expecting a rise of 2.9 percent; the higher-than-expected increase stoked much of the inflation fears, and encouraged investors to purchase gold, as gold proved attractive as a standby store of value.

Meanwhile, EU's weaker industrial production reading, as well as the unexpected drop in a closely watched gauge of German investor sentiment both indicated a potential slowdown of EU economic recovery and prompted panic buying of gold.

Although the stronger-than-expected U.S. retail sales for August, along with the U.S. business inventories, which capped the seventh consecutive monthly increase in July lifted investor's confidence in U.S. economy, but failed to dent the bullish attitude toward gold.

The decline in dollar as well as the weakness in U.S. stocks market before U.S. retail and inventory data released also encouraged investors to purchase the bullion to better protect their wealth. And some traders credited some strength of gold this morning to technical or top loss type buying.

December silver surged 28.1 cents, or 1.4 percent, to 20.432 dollars per ounce. October platinum surged 44.5 dollars, or 2.9 percent, to 1,594.4 dollars per ounce.