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Gold climbs as weak dollar boosts demand



London - Gold rose 1 per cent to above $1,100 an ounce in Europe on Thursday as the dollar slipped against the euro, boosting interest in the precious metal as an alternative asset.

Trading was thin in the run-up to the New Year holiday, with many market participants absent until Jan. 4.

Spot gold hit a high of $1,106.60 an ounce and was bid at $1,104.40 an ounce at 1209 GMT, against $1,092.55 late in New York on Wednesday.

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Among other precious metals.

Palladium rose more than 2 per cent to break through the $400 an ounce level for the first time since July 2008, with firm investment demand and gains in gold helping to lift prices.

Palladium hit a peak of $404 an ounce and was later at $399.50 versus $391.

Platinum was at $1,459 versus $1,454 and silver at $16.99 versus $16.79.

Investment demand for platinum and palladium through ETFs has represented a solid source of demand this year.

Holdings of ETF Securities' London platinum-backed exchange-traded product have more than doubled this year to Dec. 29, while those of its London palladium ETP have almost quadrupled.

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Oil heads toward $80 a barrel


Bangkok, Thailand - Oil prices headed toward US$80 a barrel Thursday in Asia, the final day of trading for 2009, after U.S. crude stockpiles fell for the fourth week in a row.

Benchmark crude for February delivery was up 44 cents at $79.72 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract added 41 cents to settle at $79.28 on Wednesday.

The Energy Information Administration said U.S. crude supplies shrank by 1.5 million barrels last week, less than the expected drop of 2.2 million barrels. Gasoline supplies also fell.

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Hour Base Metals

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