• Gold hit an all-time high above $1,250 an ounce on Tuesday as investors piled in due to fears that European credit contagion could lead to a doubledip recession.

• The metal rose for a third straight session despite a lack of compelling development related to euro zone's debt crisis, but ended off its record peak reached earlier in the session.

• On Tuesday, Fitch credit rating agency said Britain faced a formidable challenge to cut government borrowing and Hungary, which is also an EU member state that does not use the euro, tried to reassure financial markets over its debt problems.

• U.S. crude oil futures rose more than $1 per barrel on Tuesday after an industry inventory report showed crude stocks fell much more than expected.

• The American Petroleum Institute's report said U.S. crude oil stockpiles fell 4.5 million barrels in the week to June 4, much more than the expectations of 900,000-barrel drop. But gasoline stocks rose, against an expectation for a slight drop in inventories, and distillate stocks rose more than expected, the API said.