By Halia Pavliva
June 4 (Bloomberg) -- Gold prices rose on speculation that the slumping dollar will spur inflation, boosting the appeal of precious metals as a hedge. Platinum surged more than $55 an ounce to the highest since September. 
In May, the dollar fell 6.4 percent against a basket of major currencies, the biggest drop in 24 years. The greenback resumed its decline today, sending commodities higher. The Reuters/Jefferies CRB Index of 19 raw materials rose as much as 2.1 percent.
“Gold is rising on demand for a safe harbor,” said Philip Gotthelf, the president of Equidex Brokerage Group in Closter, New Jersey. “We still have considerable uncertainty about the dollar.”
Gold futures for August delivery rose $16.70, or 1.7 percent, to $982.30 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, the price reached $992.10, the highest for a most-active contract since Feb. 24.
Platinum futures for July delivery jumped $48.80, or 3.9 percent, to $1,293.30 an ounce on the Nymex. Earlier, the price reached $1,301.90, the highest since Sept. 9.
Platinum climbed for the seventh straight session, the longest rally since January. Holdings in ETF Securities Ltd.’s exchange-traded fund backed by the metal have jumped 74 percent this year.
Silver futures for July delivery gained 58.5 cents, or 3.8 percent, to $15.895 an ounce on the Comex.
This year, silver has jumped 41 percent, platinum is up 37 percent and gold has gained 11 percent.
‘Fears of Inflation’
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