Record high oil prices at a barrel deepened worries about inflation on Thursday and weighed on some Asian stocks although Japanese shares ended slightly higher, as dealers trimmed their bets on further weakness. The dollar trudged higher against the euro after earlier hitting a one-month low after the Federal Reserve slashed its United States 2008 growth forecast
Spot gold held near record highs on Friday in Asia as a rally in oil prices to more than a barrel and a weak dollar supported the investment appeal of the precious metal. Platinum hit a record high on Friday, before drifting lower. Investment funds are flocking to gold, which jumped more than 30% in 2007.