Precious metals gain on lower dollar, higher oil prices

Gold prices were significantly higher in New York on Wednesday after the dollar dropped versus the euro once again and oil hit the $100 per barrel level for the first time in history.

February gold rose as high as $864.50 per troy ounce, its highest since January 1980, and ended the session up $22.50 over its previous close to $860.50 per troy ounce.

March silver was also substantially higher, adding 37 cents to $15.29 per troy ounce after having traded as high as $15.37 per troy ounce earlier in the day.

Meanwhile, April platinum added $6.50 to $1,546 per troy ounce as the weakening dollar made platinum a more attractive investment and as analysts predicted that demand for the metal, used in the manufacture of motor vehicle pollution control devices, will remain high in 2008.