Gold Futures at 26yr High

Gold futures hit their recent 25yr record, reaching on Wednesday their highest level in almost 26 years, but prices gained just over $1 an ounce.

Concern about Iran's nuclear program, weakness in the U.S. dollar and strong oil prices had been raising demand for the precious metal.

June gold futures closed up $1.10 at $668.50 an ounce on the New York Mercantile Exchange, off their early high of $679.80 an ounce.

Prices briefly traded as low as $660 during the session.