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Commodities: Investors rush to safer alternatives

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Date: Friday 14 Mar 2008

LONDON (ShareCast) - Commodities surged ahead as investors looked for safer investments due to the continued troubles in the stock market and weakness in the dollar

Gold prices rose past $1,000 an ounce for the first time at one stage before easing back. The commodity still ended with strong gains, rising $13.30 to $993.80 an ounce.

The dollar fell to a record low against the euro and dropped to a 12-year low against the yen.

The weaker dollar also gave crude a lift, helping it hit a new intra-day high of $111 before eventually closing up 41 cents at $110.33 a barrel.

Silver, platinum and palladium also advanced.