London: Gold prices jumped to two-week highs on Monday as investors sought refuge from financial market uncertainty, the dollar slipped and oil prices held firm near record highs.
Spot gold hit $836.70 a troy ounce, the highest since November 9. Earlier this month it hit a 28-year high of $845.40.
The dollar was within striking distance of record lows against the euro as investors sold on concern about the health of the US economy and expectations of further rate cuts from the US Federal Reserve.
"The dollar is weak and that means there is a general uplift for metals," said Dan Smith, analyst at Standard Chartered.
"It's also a safe-haven in terms of the credit crisis."
Oil rose above $99 a barrel on Monday, closing in on the $100 milestone, despite hopes an Opec meeting next week could signal an output boost.
Iran's Oil Minister Gholamhossein Nozari said at the weekend that some Opec members were advocating an increase in production when they meet on December 5 in Abu Dhabi to debate whether to raise output for a second time this year.
The dollar's decline to a series of record lows versus the euro has spurred buying across commodities, notably oil.
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