July 18 (Bloomberg) -- Gold futures gained as much as 0.5 percent to a record $1,597.90 an ounce in New York. The metal traded at $1,596.80 at 8:11 a.m. in Melbourne. Gold for immediate delivery rose as much as 0.3 percent to a record $1,597.73 an ounce.

To contact the reporter on this story: Phoebe Sedgman in Wellington at psedgman2@bloomberg.net

To contact the editor responsible for this story: Soraya Permatasari at soraya@bloomberg.net