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Last Updated : 19 January 2009 at 10:45 IST

Gold, platinum rise on weak dollar

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Commodity Online
SINGAPORE : Despite profit taking by investors, Gold rose to a one-week high during early Asian trade Monday as dollar weakened against the euro amid stock markets recovery.

At 9.30 a.m in Singapore, gold rose as high as $845.55 an ounce, its highest level since Jan. 12, before slipping to $837.60.

Gold has bounced around 4% since tumbling to a one-month low last Thursday, when softer equities forced investors to cash in to cover losses.

Platinum extended gains on bargain hunting, with prices trading over 50% below a record peak hit last March.

Platinum was trading at $955.50 an ounce, up $9.00 from New York's notional close on Friday.