Gold rose to the highest price since 1980 as the ailing U.S dollar boosts the appeal of precious metals, while platinum set a record high in London aided by the rising bullion and concerns on over supply.

Gold futures for December delivery rose $10.70, or 1.4 percent, to $756.70 an ounce on the Comex division of the New York Mercantile Exchange. The metal earlier reached $759.30, the highest for a most-active contract since Jan. 22, 1980, the day after the price reached a record $873 according to Bloomberg data.

Gold has rallied over 19 percent this year as the dollar sunk to all time lows against the euro and other major currencies.

The price of gold has rallied 19 percent this year as the dollar touched an all-time low versus the euro.

Platinum also set records, breaching $1,400 an ounce for the first time on Thursday.

The metal, used in jewelry and catalytic converters was last quoted at its record-high of $1,407/1,412 an ounce, up sharply from its Wednesday finish of $1,381/1,388 in the U.S. market

Silver also rose, futures for December delivery climbed 31.7 cents, or 2.3 percent, to $13.985 an ounce on the Comex. The metal has risen 8.1 percent this year.