NEW YORK (MarketWatch) -- Gold climbed to another record Wednesday, as upbeat economic data from Asia boosted hope for global growth just as continued expectations of globally loose money pressured the dollar back towards 15-month lows.
Gold for December delivery, the most actively traded contract, soared to an intraday high of $1,118.60 an ounce in electronic trading on Globex, surpassing Monday's high.
December gold futures were last up $11.60, or 1%, at $1,114.10 an ounce on the New York Mercantile Exchange. The thinly traded front-month November contract gained $10.50 to $1,112.40 an ounce on Globex.
As long as the U.S. dollar is trending down, the gold price is unlikely to soften meaningfully," wrote analysts at Commerzbank in a note to clients.
"Price declines are currently viewed as a buying opportunity," they said. "This is true for speculative investors in particular."
Good economic news from Asia boosted risk appetite and pressured the dollar, burnishing the investment appeal of the precious metal.
China's industrial production and retail sales continued to accelerate at a faster-than-expected pace in October, while Japan's private-sector machinery orders rose for a second month in September, according to data released Wednesday.
The dollar index /quotes/comstock, which tracks the performance of the greenback against a basket of other major currencies, earlier fell back towards a 15-month low. It gained back some ground as U.S. stocks came off earlier highs. When the dollar declines in value, gold prices tend to rise.