Gold futures surged on Tuesday after crude oil hit a new record high and the dollar dropped to a record against the euro, boosting the appeal of the precious metal.
Crude for May delivery, which expires today, hit a new record for the sixth straight session, soaring to $119.90 a barrel. The euro reached $1.6019.
Gold for June delivery rose $7.60 to end at $925.20 an ounce on the New York Mercantile Exchange. The precious metal 11 percent lower from the all-time high of $1,033.90 an ounce on March 17, when the euro and crude set previous highs.
Gold appears to have detached itself from its recent correlation with oil over the past few days, and in the short term, the metal seems set for more range trade as the metal consolidates, said James Moore, an analyst at TheBullionDesk.com, in a research note.
Momentum indicators have turned lower over the past 24 hours, suggesting gold will remain vulnerable to dips below $900 an ounce, although strong support is anticipated at $880 and $872, Moore said.
In currency trading, the dollar sank to a new record low against the euro, pressured by surging oil prices and speculation the European Central Bank won't cut borrowing costs this year as inflation accelerates. The ECB has kept its benchmark rate unchanged at 4 percent since June 2007.
The dollar index, which tracks the performance of the greenback against a basket of other currencies, dropped 0.4 percent to 71.38.
Also on the Nymex, silver futures for May delivery gained 35 cents, or 2 percent, to $17.71 an ounce. The price has climbed 19 percent this year.
July platinum futures rose $10.10 to end at $2,037.40 an ounce and June palladium edged up 90 cents to end at $463.40 an ounce. May copper futures gained 10 cents to finish at $3.97 a pound.