Bloomberg.com: Commodities

Bloomberg.com: Commodities: "Gold Rallies to 27-Year High, Silver Gains as Dollar Declines By Pham-Duy Nguyen Oct. 11 (Bloomberg) -- Gold rose to the highest price since 1980 as a decline in the value of the dollar boosted the appeal of the precious metal as an alternative investment. Silver also gained. The price of gold has rallied 17 percent this year as the dollar touched an all-time low versus the euro. Five of the past six bear markets for the U.S. currency have led to gains in gold, which has more than doubled since 2002. ``Gold is gearing up for another rally,'' said Paul McLeod, vice president of the precious-metals department at Commerzbank Securities in New York. ``It's moving with the dollar, but it's also gathering its own momentum.'' Gold futures for December delivery rose $10.80, or 1.4 percent, to $756.80 an ounce at 1:36 p.m. on the Comex division of the New York Mercantile Exchange. A close at that price would be the biggest gain since Sept. 6. The metal earlier reached $759.30, the highest for a most-active contract since Jan. 22, 1980, the day after the price reached a record $873."