Gold climbs above $1,250/oz on economic concerns

Spot gold hit a high of $1,251.45 an ounce and was at $1,250.55 an ounce at 0920 GMT, against $1,248.99 late in New York on Tuesday. Silver hit its highest since May 17 at $19.53 an ounce and was later at $19.42 an ounce against $19.34.

Deutsche Bank analyst Daniel Brebner said concerns over economic activity in the United States were leading to "a growing acceptance that if conditions remain poor or deteriorate further, the Fed will move to support growth."