The December-delivery contract gained as much as 0.5% to US$1,626.90 an ounce on the Comex, crossing the previous peak of US$1,626.30 set July 25. Gold prices - both spot as well as futures - climbed to new all-time high on Wednesday, as global investors continued to pile into the precious metal amid uncertainty surrounding the US debt and deficit. Standard & Poor's and Moody's have warned of a possible cut in their rating of US debt if the world's largest economy fails to arrive at a political consensus on how to cut its spiraling debt and a ballooning budget deficit. The December-delivery contract gained as much as 0.5% to US$1,626.90 an ounce on the Comex, crossing the previous peak of US$1,626.30 set July 25. It was trading at US$1,624.50 at 12:47 p.m. in Singapore. Spot gold rallied to an all-time high amid the US debt-ceiling impasse, gaining as much as 0.3% to US$1,624.15 per ounce, beating the high set on July 25. The metal traded at US$1,624.10 at 1:25 p.m. in Singapore. Cash and futures prices of gold in China also reached all-time highs today.

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