Gold spiked up to a new 25-year high above $700 per ounce
Gold spiked up to a new 25-year high above $700 an ounce on Tuesday on dollar weakness, while platinum set a new record on strong industrial demand and fund buying.
Other precious metals also gained from the bullish environment in commodities, which saw copper setting a new record and aluminum surging to an 18-year peak.
Spot gold broke through stiff resistance to reach $700.30 late in New York, before edging to $699.90/700.90 an ounce -- up 3.2 percent from Monday's close at $677.90/8.90.
It soared to an all-time high of $850 in 1980.