Commodities: Gold moves ahead

Gold prices moved ahead as the dollar fell against the euro after the ECB kept rates on hold.

European Central Bank President Jean-Claude Trichet kept rates at 4% and said inflation remains a concern, which suggested that rate cuts may not be expected anytime soon

The precious metal generally moves in the opposite direction to the dollar. The continuing high oil price is also giving the precious metal support, as it is used to hedge against oil-led inflation.

Gold for June delivery rose $10.90 to $882.10 an ounce.

Crude futures continued to trade near record highs, rising 16 cents to $123.69 a barrel on Thursday.

Earlier this week, investment bank Goldman Sachs predicted that oil prices could hit $200 a barrel in the next two years.

Platinum prices moved ahead on news that UBS would soon be launching two platinum exchange-traded notes.