Metals - Gold rises as dollar weakens, oil holds near highs

Crude oil's rising prices led to an increase in gold prices. Crude oil pricing is at a record high driven by gold and other precious metals being acquired as a hedge against inflation. Platinum was noted at over $60.00 an ounce. At $127 a barrel oil hit a record high initiating gold buying to begin anew. Spot gold has been trading at $894.93 which is up markedly from gold prices last week.

Although the dollar showed some stabilizing, gold and precious metals all ignored this and continued its price climb. Gold is a very popular alternative to the dollar as far as assets go. Although the firming of the dollar was short lived, experts expect a mixed bag of economic news from the US which could give the currency new life. An increase in construction and housing could be bad news for gold. Other precious metals' prices are on the rise. Fueled by ongoing fears of a platinum supply issue, platinum rose to $2136 per ounce while silver was noted to be at $16.91 per ounce.

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