The spot price of gold, which reflects trading in bullion, rose to an all-time high of $1,461.91 an ounce, up more than $5 from Tuesday’s peak. In futures trading, U.S. gold for June delivery rose half a percent to a record high of $1,467.00 an ounce.

Silver, the poorer investor’s alternative to gold, hit 31-year highs of $39.75 an ounce in spot trading.