September 22, 2008 / 2:11 PM / 11 years ago

Precious metals soar on falling dollar

Gold bars are displayed at the Ginza Tanaka store in Tokyo September 18, 2008. REUTERS/Yuriko Nakao

LONDON (Reuters) - Gold and the other precious metals soared on Monday as the dollar wilted against the euro and the yen, boosting bullion’s appeal as a currency hedge.

Spot gold rose more than 2 percent to a session high of $894.10 an ounce, silver rose 6.5 percent to $13.37 while platinum and palladium rose 6 percent and more than 8 percent respectively to their intraday peaks.

Spot gold settled back to trade at $889.80/891.40 at 10:13 a.m. EDT, up from $871.25 at the nominal New York close on Friday. Spot silver was trading at $13.25/13.32, against $12.55.

Spot platinum was at $1,205/1,225 an ounce against $1,134.50, while palladium was at $252.50/260.50 against $231.00

Reporting by Jan Harvey; Editing by Michael Roddy

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