Gold hits new high as dollar falls

US gold futures passed the $1,153 mark for the first time yesterday as investors piled into precious metals as an alternative to holding weaker US dollars. Silver, platinum and palladium also reached their highest prices in at least 14 months. In London, bullion for immediate delivery reached a record $1,153 an ounce. Gold later slipped back to $1,145 an ounce as the dollar pared its losses. Equity trading was comparatively subdued, with the UK large cap index slipping by 100 basis points.