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Commodities prices resumed their upward trek Tuesday, with gold and oil prices surging as investors sought shelter from the dollar's persistent decline.
An ounce of gold added $12.60 to settle at $823.40 on the New York Mercantile Exchange, rising to its highest level since January 1980. Silver futures rose to an eight-month high, putting on 59.5 cents to $15.38 an ounce at the close.
Rising energy and metals prices also supported precious metals, which are traditionally seen as a hedge against inflation.
"The combination is quite powerful for gold right now, considering that the dollar is again weak," said HSBC precious metals analyst Jim Steel.
Silver, copper, and zinc are also winners.
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