The price of gold is at all-time high of $US1,043.77 per ounce after a decline in the US dollar boosted the attractiveness of metals to investors.
Copper prices also rose above $US6000 per tonne, as the weaker dollar made metals cheaper for non-US investors.
The dollar fell after a newspaper report - later denied - that Gulf nations wished to replace the US dollar as the main oil currency.
The rise in metal prices also lifted shares in mining companies.
Analysts said concern about the possibility of higher inflation in the United States as its economy recovers was another factor in lowering the price of the dollar, further boosting the appeal of gold.
The BBC reports last time the spot price of gold previously hit a high of $US1,032.80 per ounce in March 2008.
Analysts said the price of gold could rise still further towards the end of the year if the dollar remained weak.
The price of gold is also typically strong in the October -December period because of the higher demand for jewellery in the run-up to Christmas and the Indian festival of Diwali.
Demand for gold is currently strong in India, and Indian communities around the world, ahead of the festival of lights, which this year falls on 17 October. Gold jewellery is typically given as presents.
Other metals
Other precious metals also saw their prices rise on Tuesday, with silver up 3% to $US17.11 per ounce, and platinum adding 0.9% to $US1,305 per ounce.
The price of copper was up 2.4% to $US6060 per tonne.
