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Gold hits record near $1,200/oz as dollar slips

LONDON
Tue Dec 1, 2009 4:30am EST

LONDON (Reuters) - Gold hit record highs at $1,198.70 an ounce in Europe on Tuesday as the dollar weakened against a basket of currencies in the wake of policy comments from the Bank of Japan, adding to strong investment demand for the metal.

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Buyers have been cheered by the strength of gold's recovery after a correction to below $1,140 an ounce late last week, which was met by strong fund buying, traders said.

Spot gold was bid at $1,194.80 an ounce at 0921 GMT, against $1,179.10 late on Monday.

U.S. gold futures for February delivery on the COMEX division of the New York Mercantile Exchange were up $14.10 at $1.196.40 an ounce, having earlier hit a record $1,200.50.

(Reporting by Jan Harvey; Editing by xxx)
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