Gold prices leaped to their highest level since 1980 on Friday, as record weakness in the dollar and early strength in crude oil prices led to gains in precious metals.

Gold for December delivery rose $10.10, or 1.4 percent to $750 per ounce on the New York Mercantile Exchange. Silver rose 27.5 cents to close at $13.92 per ounce.

Commodities have risen to new highs since last week's decision by the Federal Reserve to cut overnight lending rates to banks by half a percentage point to 4.75 percent.

The move led to a sharp decline in the dollar as investors wary that cheaper money will increase the possibility of inflation have moved their funds to more stable investments.

The cut has also made it easier for foreign investors to get more for their money when buying dollar-denominated assets.

The euro reached a record high of $1.4279 on Friday. Crude oil, despite a price drop as investors locked in recent gains, still settled above $80 at $81.66. Gold rose 10 percent for the third quarter ending today.

Meanwhile, investment in StreetTracks, a bullion-backed exchange traded fund (ETF), has risen more than 24 percent during the quarters to a record high of 578 metric tons.

Investment Gold Update