Gold prices hit record highs above $1,180 an ounce in Europe on Wednesday, boosted by the euro's move through $1.50 against the dollar and by a report that India may consider buying more bullion from the IMF.

Spot gold hit a high of $1,182.70 an ounce and was bid at $1,179.90 an ounce at 1536 GMT, against $1,168.90 late in New York on Tuesday.

U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange also hit a record $1,183.20 an ounce and were later up $14.40 at $1,180.20.