Gold climbs to record as weaker dollar extends scorching rally

Gold rose to an all-time high, supported by a weaker dollar following US data that showed resilience in the job market and consumer spending.

Bullion climbed beyond $US4,955 ($7,244) an ounce in early trading and is on course for a weekly gain of nearly 8 per cent. The dollar slipped on Thursday after data revealed the US economy expanded in the third quarter by slightly more than initially reported. There was also a smaller-than-expected increase in applications for jobless benefits.

The Bloomberg Dollar Spot Index, a key gauge of the US currency’s strength, ended the previous session down 0.3 per cent.

Gold advanced 0.4 per cent to $US4m955.14 an ounce as of 7:10 a.m. in Singapore. Silver jumped 0.6 oer cent to $US96.80, also setting a record high. Platinum and palladium rose.

Bloomberg.