Gold hits 6-week high
in London

Buoyed by further weakness in the dollar, London gold prices reached their highest level in six weeks today.

U.S. retail sales data for July, which came in below what was expected, also contributed to the spike, Reuters reported.

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By this afternoon, spot gold reached $439/$439.80 a troy ounce, up nearly a half percent from New York's latest quote yesterday.

Bullion was at $439.20, the highest level since June 28, when prices hit $439.40.

Reuters reports analysts believe the euro will need to get past $1.2460 to trigger further substantial gains in gold. It was last at $1.2431.

Meanwhile, U.S. crude and gasoline futures rose to all-time highs today.

NYMEX September crude hit a record $66 a barrel before easing to $65.55, up 65 cents. The previous intraday record of $65 was set yesterday.

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