Doha: Gold prices surged by more than 2% on Wednesday, extending their strongest performance since 2008, supported by strong investor demand and a weaker US dollar. Spot gold rose 2.2% to $5,044.74 an ounce, after jumping 5.9% in the previous session, marking its largest daily gain since November 2008.

According to Qatar News Agency, the precious metal had reached a record high of $5,594.82 last Thursday. US gold futures for April delivery climbed 2.7% to $5,067.0 an ounce. Other precious metals also posted solid gains. Spot silver advanced 2.1% to $86.92 an ounce, after hitting a record high of $121.64 last Thursday. Spot platinum gained 2.3% to $2,260.50 an ounce, after reaching an all-time high of $2,918.80 on January 26, while palladium rose nearly 3% to $1,782.85 an ounce.