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Commodities: Gold continues highs

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Date: Monday 03 Mar 2008

LONDON (ShareCast) - Gold breached new record highs on Friday as high oil prices and the dollar’s record low against the euro boosted the yellow metal.

It reached a historic high for the third straight day to $975.90 an ounce before eventually settling at $975.00, up $7.50.

The dollar fell near record lows against other currencies on concerns that there will be further rate cuts to boost the economy.

Higher oil prices also helped, with crude reaching $103.05 a barrel earlier Friday. Prices though settled lower by the close with April delivery falling 75 cents, to finish the day at $101.84 a barrel.

Platinum prices also rose despite a South African minister saying that the country's mining industry would get priority under measures to tackle the power shortage.