Gold prices leap on weak dollar

LONDON: Gold prices rallied to record highs for a third successive session in Europe yesterday, as persistent weakness in the dollar fuelled fund buying of the metal as an alternative to the US unit.

Gold's gains lifted other precious metals, with silver reaching its strongest level since July 2008 and palladium hitting a 13-month peak.

Spot gold rose to $1,054.30 an ounce at 0926 GMT against $1,043.70 late in New York on Wednesday. Earlier it touched a record high of $1,058.20 an ounce.