COMMODITIES-Gold up on flight to safety, others rise

* European equities turn negative, spurring flight to safety

* Gold hits record in euro terms, according to Reuters data

* Oil firms, dollar softens after Bank of Australia rate cut

* Metals firm on hope possible rate cuts may booost demand

By Jan Harvey

LONDON, Oct 7 (Reuters) - Gold rose more than 3 percent and silver was up by 5 percent on Tuesday as European stock markets turned lower, sparking a flight to safety.

Rising oil prices and a softer dollar underpinned gains as commodities took on a firmer tone after recent losses.

Gold hit a record high in euro terms, according to Reuters data, at 654.22 euros an ounce, up from 635.29 late on Monday.  Continued...