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AFX


LONDON (Thomson Financial) - Gold struck a fresh 27-year high of almost 740 usd for the second day in a row, benefiting from stronger oil prices and investment flows as a result of the softer dollar.

The precious metal moves in line with high oil prices, which are a stone's throw away from record highs, as investors hedge against energy-led inflation.

Dollar weakness, with the US currency near an all time low against the euro, spurred buying as it made gold cheaper for those trading in other currencies.

'Given the dollars continued losses and the strength in the energy sector it looks as if gold will find further upside momentum in the coming sessions, potentially targeting 765 usd before more significant profit taking is seen,' said TheBullionDesk.Com analyst James Moore.

At 8.54 am, gold was trading at 736.18 usd per ounce against 734.60 usd in late New York trade yesterday.

Gold struck an intra-day high of 739.50 usd earlier this morning, the highest level since January 1980 when it hit 850 usd.

Among other precious metals, platinum rose to 1,333 usd per ounce against 1,327 usd an ounce, while sister metal palladium was steady at 338 usd against 339 usd.

Silver rallied more than 1 pct to 13.56 usd per ounce against 13.39 usd, following in gold's footsteps.

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