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Written by: Staff
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SYDNEY, Apr 20 (Reuters) Gold gained more than $2 on Thursday as investors bet the rally driving prices to the highest in a quarter century was gaining momentum.

-- Spot gold opened in Sydney at $636.20/$637.00 an ounce versus $633.70/634.50 an ounce in late New York. London's afternoon fix by bullion dealers was at $624.75.

-- Gold last fetched $634.75/$635.50 an ounce.

-- Record oil prices and news that core U.S. inflation rose at its fastest rate in a year were pulling investors into gold as a hedge against inflation.

-- A strong showing in gold futures was also adding lustre to gold bullion across a range of investment portfolios, dealers said.

-- COMEX gold for June delivery settled up $12.70, or 2 percent, at $636 an ounce, after trading from $622.10 to $637.40 -- the steepest price for futures since December 1980.

-- Spot silver , which rocketed to its highest since 1983 on Wednesday, recoiled about 2 percent to $14.29/$14.35 an ounce.

-- Spot platinum was up $3 on late New York to $1,120/$1,125 an ounce.

-- Spot palladium dipped $9 against late New York to $366/$371 an ounce.

REUTERS PG PM0718

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