LONDON: Gold climbed more than 3 per cent to its highest level in more than a week on Wednesday, as the euro surged to a session peak versus the dollar and oil prices recovered from a 22-month low.

Platinum prices held firm after rallying as much as 3 per cent after an upbeat industry report from top platinum refiner Johnson Matthey on Tuesday and the announcement of mine closures triggered short covering. Spot gold since November 10 and was at $759.85 an ounce by 1502 GMT versus $736.35 an ounce in New York late on Tuesday. “We’re higher in euro/dollar and the oil prices gained since we have seen the lows this morning,” said Wolfgang Wrzesniok-Rossbach, head of sales at German metals trading group Heraeus.

The euro rose to a session high against the dollar in a move analysts said was related to a large buy order for the single currency. The euro rose suddenly to a session high of $1.2790 from around $1.2640. It last traded at $1.2782. Oil prices, which sank to a 22-month low earlier in the day, erased gains and bounced. US crude oil futures rose by 67 cents to $55.05 a barrel. “There is not any physical demand at the moment, but the rise is more because of investors and speculators looking at the external factors such as oil prices and the dollar and reacting,” he said.