Gold futures on the COMEX Division of the New York Mercantile Exchange rallied to a new all-time high near US$1,220 on Wednesday, as speculators worried dollar may go down continuously. Silver and platinum both rose.

The most active gold contract for February delivery rose US$12.80, or 1.1 percent, to finish at US$1,213 an ounce. Earlier in the electronic session, the yellow metal touched a historic peak of US$1,218.40.

The US Dollar fell to a 15-month low against a basket of currencies on Tuesday as concerns about debt issues in Dubai subsided. Although the greenback recovered a little on Wednesday, it still hovered around the 15-month low. And the rate against euro kept above the key level of US$1.50. Investors' concerns on dollar's recovery resulted in increased demand for higher yielding currencies.

The dollar index, a gauge measuring the greenback's value against other major currencies, edged up to 74.64 shortly after gold's pit trading closed. Investors continued to purchase gold as hedge assets against dollar's potential depreciation.

March silver was up 11.5 cents to US$19.325 per ounce. January platinum rose US$19.70 to US$1,506.30 an ounce.

(Xinhua News Agency December 3, 2009)