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Gold hits record as weak dollar fuels buying

Gold prices hit record highs at $1,146.95 an ounce in Europe on Wednesday, as a dip in the dollar index fueled momentum buying of the precious metal.

Strength in gold also lifted silver to fresh 16-month highs at $18.65 an ounce and platinum to a peak of $1,461, its highest since September 2008, as investor interest was boosted in precious metals as an asset class.

Spot gold was bid at $1,145.75 an ounce at 0855 GMT, against $1,141.50 late in New York on Tuesday. COMEX-traded US gold futures for December delivery hit a record $1,147.60 an ounce and were later at $1,146.10, up $6.70.

Spot silver was at $18.58 an ounce against $18.40, while platinum was at $1,455.50 against $1,453. (Reuters)