Gold Spikes Above $1,800, Then Backs Off

Gold futures spiked above $1,800 per once in mid-day trading Wednesday for the first time ever on their way to new all-time highs. COMEX gold futures, per the December contract, hit $1,801.00 per ounce, a new record high.

However, the yellow metal quickly backed off of that level toward $1,790 per ounce.

The catalyst for the sharp, sudden spike in gold was not clear, as no announcements from U.S. or European policymakers coincided with the move in the yellow metal.

Silver futures jumped alongside gold at the same time, with the COMEX September contract reaching $39.37 before backing off to $39.12 per ounce.