Prospects for a further decline in the US dollar boosted investors' demand for precious metals as alternative holdings. Silver climbed to the highest price since 1980. Gold prices climbed to a new all-time high above US$1,300 an ounce in Asian trading on Monday, as global investors continued to seek refuge in the precious metal amid growing uncertainty about the US economic recovery. Silver too touched its highest price in 30 years on mounting investment and industrial demand. Spot gold rose as much as 0.3% to US$1,300.15 an ounce before trading at US$1,299.32 at 3:31 p.m. in Seoul. The yellow metal surpassed the peak of US$1,300.07 that was reached on Sept. 24. Silver for immediate delivery advanced as much as 0.8% to US$21.6075 an ounce, the highest level since 1980. Meanwhile, gold futures touched a high above US$1,300 an ounce on Globex during Asia's today, extending last week's gains after a record settlement price on Friday. December gold was up US$1.80 at US$1,299.90 an ounce in electronic trading after briefly touching a high of US$1,300.70. The contract reached an intraday high of US$1,301.60 in New York Friday, then closed at a record US$1,298.10. Growing concerns that the Federal Reserve may have to implement a second round of quantitative easing to shore up the US economy has kept the dollar under pressure for the past several days while boosting commodities, especially gold. The dollar traded near a five-month low versus the euro, as expectations that the US economy will slow added to speculation that the Fed will ease monetary policy. The Dollar Index, a six-currency gauge of the dollar’s value, fell to 79.255, matching the level on Sept. 24, which was the lowest since Feb. 3. The dollar slipped to a five-month low against the euro on Sept. 22 after the Fed left its benchmark interest-rate target at a record low and pledged to take more steps to spur growth if necessary.

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