Spot gold surges more than 3 percent to over $1,030

TOKYO, March 17 (Reuters) - Spot gold XAU= surged more than 3 percent on Monday to a record high of above $1,030 per ounce as the dollar tumbled on deepening U.S. financial concerns.

The dollar sank after JPMorgan Chase said it would buy cash-trapped Bear Stearns and the Federal Reserve cut its discount rate. [ID:nN16640873]

Spot gold rose as high as $1,030.80 as of 0144 GMT.

U.S. gold futures GCJ8 also hit a record high of $1,033.90 per ounce in electronic trading on Monday. (Reporting by Chikafumi Hodo, Miho Yoshikawa; Editing by Rodney Joyce)