SINGAPORE - GOLD hit another record high above US$898 (S$1,288) an ounce on Monday on speculative buying, as uncertainties in financial markets and expectations of aggressive US rate cuts raised the metal's safe-haven appeal.

Spot gold hit an all time high of US$898.30 an ounce before dipping to US$896.50/897.25 an ounce, higher than US$895.70/896.50 hit late in New York on Friday.

Comex gold futures briefly touched US$900.60 an ounce, surpassing Friday's record high of US$900.10. The most active February contract was later quoted at US$899.6, still up US$1.9 an ounce.