Gold hits record near $1,150

London - Gold hit a fresh record high near $1,150 an ounce on Wednesday, boosting precious metals across the board, as a dip in the dollar index added to momentum buying as prices broke through key technical resistance levels.

In non-U.S. dollar terms, gold also climbed, hitting multimonth highs when priced in the euro, sterling and the Australian dollar.

Spot gold hit a high of $1,147.45 and was at $1,146.05 an ounce at 0948 GMT, against $1,141.50 late in New York on Tuesday.

U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange also hit a record $1,148.10 and were later up $7.10 at $1,146.40 an ounce.

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Silver was bid at $18.63 an ounce against $18.40.

Platinum was at $1,455.50 an ounce against $1,453.

Palladium was at $374 against $370.

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METALS-Copper hits 14-month peak as equities climb

* Dollar dips, equities climb but inventories cap gains

* U.S. data could offer direction as $7,000 copper eyed


LONDON, Nov 18 (Reuters) - Copper hit a fresh 14-month high
on Wednesday as the dollar fell and equity markets bounced back,
while rising inventories remained to limit gains.
By 1113 GMT, copper for three month delivery on the
London Metal Exchange traded at $6,976 a tonne from $6,826 at
the close on Tuesday.

The metal, used in power and construction, earlier peaked at
$6,985.25, its highest since late September 2008. The metal is
now eyeing the $7,000 level, a key area of resistance.

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Aluminium hit a high at $2,095, a level not seen
since Aug. 5 but was last at $2,084 versus $2,036. LME stocks
for the metal, used in transport and packaging, fell 1,000
tonnes but remained near record levels above 4.5 million tonnes.

Steel making ingredient nickel traded at $17,350 from
$16,900 while battery material lead was at $2,426 from
$2,385.

Nickel inventories rose 18 tonnes to 15 year highs at
132,930 tonnes, as analysts predicted a rocky rise for the steel
industry in 2010.

"There is local speculation in China that part of the
country's privately held nickel stocks could be released to
market, perhaps as much as 50kt before year end," said
investment bank Fairfax in a note.

Zinc traded at $2,293 a tonne from $2,263 and tin
was at $15,175 from $14,950.

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24 Hour Base Metals

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