Gold holds sharp overnight gains as inflation looms

SYDNEY, May 21 (Reuters) - Gold held firm on Wednesday, clinging onto sharp overnight gains sparked by growing inflation worries after oil climbed to a new record.

-- Spot gold <XAU=> cost $920.15/921.15 an ounce versus $920.20/921.40 late in New York.

-- Gold futures for June delivery GCM8 on the COMEX division of the New York Mercantile Exchange were flat at $920.20 an ounce in electronic trading. June futures earlier rose to $924.10, the highest level since April 23. The session low was $903.10.

-- Gold's inflation hedge role was enhanced as oil surged to a record high, targeting the level of $130 a barrel.

-- U.S. government data shows U.S. core inflation at the producer level posted a large advance in April. [ID:nN20291072]

-- Spot platinum <XPT=> was at $2,156.50/2,166.50 an ounce versus $2,133/2,153 in New York.

-- Spot silver <XAG=> was at $17.62/17.70 an ounce against $17.59/17.66, while spot palladium <XPD=> was at $446.00/451.00 versus $443.00/$448.00. (Reporting by James Regan; Editing by Anshuman Daga)