Gold futures rose to a new record of $958.40 an ounce on Thursday on a weakening dollar which boosted the metal's appeal as an inflation hedge. Platinum and silver also hit new record highs.

Gold for April delivery rose $11.40 to end at $949.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold has more than tripled in price during a seven-year rally. The most-active contract topped $950 for the first time in electronic trading overnight and reached the record at 11:43 a.m. New York time.

Gold has surged on increasing inflation concerns with yesterday's stronger-than-expected and sharply higher U.S. CPI report, said Mark O'Byrne, executive director at Gold & Silver Investments Ltd., in a note.

With the commodities complex continuing to surge, inflation will continue to increase significantly in the U.S. and internationally, he added.

April platinum futures also set a new record, climbing as high as $2,194.80 an ounce. Platinum closed up $49.40 at $2,188.20 an ounce. Silver futures for March delivery climbed 19 cents, or 1.1 percent, to $17.95 an ounce. The price hit $18.075, the highest since December 1980.

Gold received a boost from weakness in the U.S. dollar which traded as low as 75.485 today. The dollar index, which tracks the performance of the greenback against a basket of currencies, fell 0.7 percent to 75.56.

Platinum's record high surpassed its previous record of $2,174 set on Tuesday. The platinum rally has been propelled by concerns about declining output from South Africa, the world's biggest platinum producer.

Mines across South Africa, which accounts for 80 percent of global platinum supply, have been hit by a lack of power after state utility Eskom asked the mining sector to cut power use to 90 percent of normal needs to ease shortages.

Wednesday's correction in platinum reflects the metal's high volatility and extremely overbought conditions, said James Moore, an analyst at TheBullionDesk.com, in a note.

However, the dip again served as a bargain-hunting opportunity, as ongoing supply woes in South Africa look set to see the metal move into a much deeper deficit this year and could potentially see price extend to $3,000 an ounce, Moore said.

Also on Nymex, March palladium gained $21.30 to end at $515.50 an ounce.

South Africa Investment Gold Price