Record Oil and Weak Dollar Push Gold to One Month Highs

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"I am looking at $935-$940 for nearby resistance. After that, we will be looking at $950-$955," said Adrian Koh, an analyst at Philip Futures in Singapore. "Technically, it looks gold and platinum could go up some more."

Gold rallied to its highest level in a month near $930 an ounce on Wednesday after oil soared to a record, and platinum jumped more than 3 percent as strong fundamentals and a weaker dollar spurred buying.

Spot gold was at $928.55/929.75 an ounce by New York's last quote at 2:15 p.m EDT (1815 GMT), up from $920.20/921.40 late on Tuesday. It hit a session high of $931.85 an ounce, its highest since April 21.

"If ever there was an oil-dominated trading day, today was it as far as gold was concerned," Jon Nadler, senior analyst at Kitco Bullion Dealers in Montreal told clients in a note.

U.S. crude futures ended above $130 per barrel on a surprise drop in U.S. crude stockpiles, boosting gold's appeal as a hedge against inflation.

"I am looking at $935-$940 for nearby resistance. After that, we will be looking at $950-$955," said Adrian Koh, an analyst at Philip Futures in Singapore. "Technically, it looks gold and platinum could go up some more." Gold remained $100 below a record high of $1,030.80 hit on March 17.

Spot platinum rallied to a high of $2,198.50 an ounce, its highest since March 6. It was last at $2,187/2,207 an ounce, up from $2,133/2,153 in New York late on Tuesday.

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