Gold at Record High After Nearly Hitting $1,800 Per Ounce

Gold rose Tuesday to another record high as U.S. stocks fluctuated in a narrow range and crude oil fell below the $80-a-barrel mark.

In electronic trading on CME Globex, the price of gold for August delivery rose $29.80 to settle at $1,740 per Troy ounce after rising as high as $1,779.

In afternoon trading, the S&P 500 was up $1.15 to 1,120 after climbing to 1,152.01 and falling to 1,104.77. The Nasdaq Composite gained 11.09 to 2,368.37, while the Dow Jones Industrial Average slipped 91.50 to 10,718.35.

Crude oil on the CME Comex was down $2.01 to $79.30 per 40-gallon barrel, and the dollar fell against major currencies.

Bullion has gained about 13 percent since the end of June.

"The market could come off from here, but it's headed in a northerly direction," ANZ head of metal sales Peter Hillyard said. "From where we are now, you might think we could see some sort of pullback. But I'm talking about a momentary thing, a pullback like the loading of a gun, which then fires away."

Gold priced in euros hit an all-time peak above 1,250 euros an ounce and was set for its biggest two-day rally since May 2010, when the euro zone debt crisis first flared. The euro fell to a record low against the Swiss franc for a third straight day. Gold in sterling and yen also hit records.

Technically, gold appeared well supported for further gains, albeit after a pullback.

"We're well above all the daily moving averages; the 21; the 55; the 100; and the 200. So that suggests upside momentum," said Eric Viloria, senior technical strategist at forex.com.

"But it looks like gold's a little exhausted in this area even if the long-term trend still remains upward. We'll be looking for a potential correction. But I'll also view any correction as an opportunity to buy further."