Commodity Online
SINGAPORE : Gold, silver and platinum prices advanced in Asian trade Monday after oil made a slight recovery as dollar weakened further against major currencies.

Gold for immediate delivery rose above $848 in early trade and was seen trading at $845.80 at 10.30 am in Singapore.

The bullion reached a record $1,032.70 in March as the euro headed for an all-time high against the dollar in July. Silver for immediate delivery gained 1.5 percent to $11.0425 an ounce.

February-delivery gold added 1.1 percent to $846.20 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.

Immediate-delivery platinum rose 0.5 percent to $854 an ounce by 10:31 a.m. Singapore time.

The metal also boosted after US announced plans to dispense $13.4 billion in government loans to General Motors Corp. and Chrysler LLC, whose U.S. sales have plunged this year.

The dollar fell as much as 1 percent against the euro after gaining more than 2 percent on Dec. 19. Gold generally move in the opposite direction to the U.S. currency.

Crude oil for February delivery rose 2 percent to $43.20 a barrel in New York at 10:29 a.m. in Singapore on speculation OPEC production cuts and economic stimulus plans will slow rising global stockpiles.

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