updated 10/7/2009 6:26:57 PM ET 2009-10-07T22:26:57

Gold prices have extended their rally, climbing to fresh highs even as the dollar recoups some of its losses.

Oil prices are down after a government report showed an oversupply of gasoline, while grain prices are slightly higher.

Gold for December delivery touched a new high of $1,049.70 an ounce, before settling up $4.70 at $1,044.40 an ounce.

Investors have been sending gold higher as the dollar declines, fearing a weak greenback will eventually lead to inflation. Gold is often used as a hedge against inflation and a falling dollar.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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