The yellow metal surged on Friday as the U.S. dollar slumped against majors which enhanced demand on gold as an alternative investment.Yesterday, gold gained $1.40 or 0.13% to close at $1109.32 an ounce. Gold Price was setin London on Thursday at $1106.00 per ounce during the PM fixing inclining from $1104.00 at the AM fixing. SPDR gold trust, the world's largest exchange-traded fund backed by bullion, remained at 1,115.51 metric tons on March 11.Today, gold prices climbed to $1113.44 an ounce after recording a high of $1114.00 and a low of $1107.80. The shiny metal took advantage of the dollar's fall and the oil's rally. The U.S. dollar plunged against a basket of major currencies as seen by the dollar index on the daily charts. The index dropped to 80.09 close to strong support at 80.07.On the other hand, oil little changed today but still traded above $82 a barrel ahead of the release of retail sales and confidence in the U.S. Actually, gold gained in the previous period as a safe haven due to the escalating debt woes in Greece, but it may halt its advance as the problem eases. EU policy makers will meet Greek officials this week end and they might bailout Greece as announced this month by President Sarkozy.Moreover, another downward pressure may come from the start of tightening of monetary measures by central banks all over the world. China's inflation rose yesterday to 16-month high and industrial production jumped to the highest in more than five years which is raising concerns the Chinese central bank would unwind stimulus faster than expected.Gold lost more than seven percent since reaching its historical high in December last year and it is girding for its first weekly drop in four. With regard to other precious metals, platinum edged up to $1612.50 from the day's opening at $1609.20; palladium soared to $460.00 from $457.70; and silver inclined to $17.23 from $17.15, as of 08:55 GMT.