SINGAPORE (Commodity Online) : Gold prices advanced further in late Asian trade Tuesday as the dollar continued its southward journey.

Spot gold was seen trading at $1062.12 an ounce at 4.30 p.m Singapore time while December gold futures were at $1,063.60 an ounce at the same time.

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However, immediate-delivery bullion lost 0.1 percent to $1,062.69 in London.

The U.S. Dollar Index slid as much as 0.5 percent to a 14- month low. Hedge funds and other large speculators hold their most-bullish position ever in futures, helping to propel gold 20 percent higher this year as a weaker dollar and rising government debt spur concern that inflation may accelerate

Gold futures touched an all-time high of $1,072 an ounce on Oct. 14. Gold typically moves inversely to the dollar, which has slipped 7.5 percent against a basket of six major currencies this year.

Gold holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, were unchanged for an eighth day at 1,109.31 metric tons Monday.

Among other precious metals for immediate delivery in London, silver lost 0.6 percent to $17.735 an ounce. Platinum rose as much as 1 percent to $1,371 an ounce, the highest price since September 2008, and last traded at $1,360.55.

Palladium gained as much as 1.1 percent to $337.25 an ounce, the highest price since August last year, and was last at $335.50. It’s the best-performing precious metal this year with a gain of 79 percent.

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