NEW YORK (AP) -- Shares of gold miners climbed Friday, as the price of gold set a 27-year high on a weak dollar and strong oil prices.
December gold rose $12.70 to $783.70 per ounce on the New York Mercantile Exchange in afternoon trading. Earlier in the session, the price hit $786, the highest level since gold's last bull market in 1980, when the price of gold rose past $850 an ounce.
The dollar slumped against several major world currencies including the euro. The 13-nation currency bought an all-time peak of $1.4393 in afternoon trading.
Meanwhile, crude oil prices reached an all-time high of $92 a barrel before retreating slightly.
These factors combined to boost gold prices. High oil prices are considered a sign of inflation. Gold is traditionally used as a hedge against rising prices and a slumping dollar.
Gold miners also rose.
Barrick Gold Corp. shares added 58 cents to $42.85, Goldcorp Inc. shares picked up 87 cents, or 2.7 percent, to $33.17, and Anglo American PLC shares advanced $1.13, or $3.49, to $33.47.
Royal Gold Inc. shares rose $1.52, or 4.7 percent, to $33.61.
Harmony Gold Mining Co. shares rose 43 cents, or 4.2 percent, to $10.68 and Lihir Gold Ltd. shares added $1.32, or 3.4 percent, to $40.02, and hit a 52-week high of $40.47 earlier in the session.
Kinross Gold Corp. shares climbed 77 cents, or 4.4 percent, to $18.27. The company on Friday said it agreed to sell its 98.1 percent interest in OAO Omolon Gold Mining Co. for $15 million to OAO Polymetal, plus royalties on future production from some mine properties.
Gold Fields Ltd. made a more modest gain of 9 cents to $17.99, after the company said higher costs pressured first-quarter operating margins.