Gold prices rose to a two-week high on Monday following investor concerns over the dipping dollar, soaring oil prices and speculation over further US interest rate cuts.
Spot gold was at $836.70 a troy ounce, the highest since November 9 and was up at $826.50/830.10 by 1511 GMT, compared with $821.20/821.90 late in New York on Friday. Earlier this month, gold hit a 28-year high of $845.40.
Platinum hit a record high of $1.486 an ounce after concerns over its supply. A South African union announced last week it was planning a strike following an increasing number of mining deaths. The country is the world's main platinum producer.
The dollar was within striking distance of record lows against the euro as investors sold on concern about the health of the U.S. economy and expectations of further rate cuts from the U.S. Federal Reserve
The US dollar was at $1.4879 per euro hovering near the $1.4966 low set on Friday, causing investor concerns over the state of the US economy to rise as expectations prevail of further rate cuts from the U.S. Federal Reserve.
Traders expect gold prices to stay at current levels and possibly test the record high of $850 an ounce set in January 1980.
Traders speculate that another dip in equity markets could see gold prices fall.