Dealers said the buying was fuelled by a combination of renewed speculative interest in commodities as well as an improved technical picture for the metals, which sparked short covering as the dollar pulled back against the euro.
By 10:29 am EDT, December delivery gold on the New York Mercantile Exchange's COMEX division rose $3.30, or 0.69 percent, to $476.30 an ounce, in a range of $471.90 to $477.80, its highest mark since October 17.
Dealer buying initially lifted gold prices, touching off stop-loss buy orders, before the market quickly extended gains as it broke above chart resistance at the $476 level, said a broker at a futures commission merchant in New York.
On Thursday, gold also might have gotten a lift as investors sought safe havens after the dollar fell broadly, hitting a two-week low against the euro, and stocks also declined. COMEX gold hit an 18-year high at $483.10 an ounce on October 12 and bullion reached a similar peak that day, at $480.25.
Spot gold was up at $474.80/475.60 an ounce, from the last New York level of $470.30/1.00. Thursday's morning fix in London by bullion dealers hit $473.25. Platinum hit a near-26-year high in London, but futures had yet to catch up to spot prices. NYMEX December palladium rose $2.30 or 1 percent to $233 an ounce, with the session peak of $234 the highest mark for futures since June 2004.
Spot palladium traded at $227/230 an ounce. COMEX December silver was up 3.2 cents at $7.895 an ounce, trading from $7.805 to $7.945. A break above $7.955 would take futures to a high not seen since last December. Spot silver was worth $7.83/86 an ounce versus Wednesday's New York quote at $7.77/7.80. It fixed at $7.81.