Ammon News - Gold prices scaled a record peak on Wednesday as a weaker dollar, escalating trade tension and concerns over global economic growth fuelled demand for safe-haven bullion.

Spot gold rose 1.7% to $3,282.88 an ounce as of 0457 GMT. It hit a fresh high of $3,290.10 per ounce earlier in the session.

U.S. gold futures gained 1.8% to $3,299.60.

"A confluence of factors such as dollar depreciation and ongoing risk aversion are working in gold's favour," said Tim Waterer, chief market analyst at KCM Trade.

The dollar index eased 0.5% against its rivals, making gold more attractive for other currency holders.

Spot silver added 0.5% to $32.45 an ounce, platinum fell 0.3% to $956.80 and palladium was steady at $971.24. Reuters