SINGAPORE (Commodity Online ) : Gold prices continued its journey towards north Wednesday as investors buy precious metals to hedge against a lower dollar and pickup in inflation.

Gold for immediate delivery was seen trading at traded at $1,066.15 an ounce 12.00 noon Singapore time a.m. It touched an all-time high of $1,068.63 on Tuesday.



Most-active December gold futures also edged up to $1,067.7, a rise of 0.3 percent from the COMEX division of the New York Mercantile Exchange and just below a record high of $1,069.7 reached on Tuesday.

Bullion, which usually moves inversely to the dollar, soared 21 percent this year, heading for a ninth annual gain after the dollar dropped 6.7 percent against the currency basket.

Gold has rallied 12 percent since the beginning of September.

The Dollar Index, a six-currency gauge of the dollar’s value, traded near the lowest level since August 2008 on bets the Federal Reserve will trail other central banks in increasing borrowing costs.

Dollar extended losses to a fresh 14-month low against a basket of currencies, with investors taking more risks on growing optimism about the global economy.

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