Commodities rise as dollar weakens, gold dips slightly after hitting new high of $1,072

Commodities rally as dollar falls to new low

NEW YORK — Commodities are rising broadly as the dollar tumbles to a fresh 14-month low against other major currencies.

Gold prices soared to a new record high of $1,072 an ounce in early trading, before giving up 30 cents to settle at $1,064.70 an ounce on the New York Mercantile Exchange on some profit-taking.

Oil prices, meanwhile, have closed above $75 a barrel for the first time in a year.

The gains come as the ICE Futures U.S. dollar index, a widely used benchmark of the dollar’s movement against other major currencies, falls to its lowest point since August 2008. A weak dollar makes commodities cheaper for foreign buyers.

Other metals also put in fresh highs Wednesday.