Precious metals gain on firm oil, soft dollar

Precious metals advanced in early European trade today, supported by a rise in crude oil prices and weakness in the dollar against the euro, dealers said.

Gold and silver rose to their highest in more than a week, while platinum climbed 1,6% from its close in New York late on Friday.

Spot gold touched $554,25 an ounce before easing to $552,75/553,45 in early trade, still higher than $551,70/552,60 in New York on Friday.

"If gold can hold above $550, the metal could work towards the $565-$568 resistance band while a failure to stay up would lead the yellow metal back into the $535-$550 area," James Moore, analyst at TheBullionDesk.com, said in a daily report.

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