Gold and platinum climb

Seattle: Gold rose the most in almost two weeks as the dollar dropped, boosting demand for the precious metal as an alternative investment. Platinum also gained.

The dollar fell as much as 1.3 per cent against a weighted basket of six major currencies. Gold and other precious metals generally move in the opposite direction of the US currency.

Last year, gold rose the least since 2004 as the dollar advanced for the first time since 2005.

"The gold-dollar relationship is the key," said Marty McNeill, a trader at R.F. Lafferty Inc in New York. "Eventually, the dollar is going lower, and it's lifting pressure off gold."

Gold futures for February delivery rose $18.70 (Dh68.69), or 2.2 per cent, to $860 an ounce at 9:16 am on the Comex division of the New York Mercantile Exchange.

A close at that price would mark the biggest gain for a most-active contract since December 26.

Silver futures for March delivery gained 8 cents, or 0.7 per cent, to $11.185 an ounce.

Platinum futures for April delivery rose $1.90, or 0.2 per cent, to $992 an ounce on the Nymex. Palladium futures for March delivery dropped $2.05, or one per cent, to $198.50 an ounce.