US gold futures jumped 1 percent on Tuesday as investors dumped equities and turned to bullion on growing fears that a Greek default could trigger another global recession.
As safe-haven buying lifted gold prices, stocks in Asia extended losses on doubts over Greece's ability to avoid default, copper fell for a fifth day and Brent crude fell more than a dollar to below $101 a barrel.
Credit Suisse raised its 2012 gold price forecast to $1,850 from its prior forecast of $1,540, saying the clear beneficiary of the uncertainty and dislocations in financial markets has further upside with the crises set to continue.
US gold futures added $10 to $1,667.7 an ounce by 0304 GMT, having hit a high of $1,674.4 an ounce. Spot gold rose $8.99 at $1,665.39 an ounce - well below a lifetime high around $1,920 struck in early September.
