Gold climbed to a record above $980 an ounce and silver advanced to a 27-year high above $20 an ounce in Asia as a weakening dollar boosted the appeal of the precious metals as alternative investment and rising raw material costs boosted demand for a hedge against inflation.

The dollar dropped to a record against a basket of six major currencies today. Crude oil traded close to $102 a barrel, while soybeans, corn and vegetable oils rose to records. Bullion, seen by some investors as a store of value, may top $1,000 an ounce on quickening consumer prices, according to a Bloomberg survey.

Bullion at ``$1,000 is not too far away,'' Albert Cheng, Far East managing director at the World Gold Council, said today in an interview with Bloomberg Television from Hong Kong. ``It's the flight to quality. The external financial market environment is deteriorating, people are looking for a safe haven.''

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Gold for immediate delivery climbed as much as $10.78, or 1.1 percent, to $984.95 an ounce, and traded at $983.90 at 2:54 p.m. Singapore time. Silver climbed to $20.19 an ounce, the highest since 1980.

Gold for April delivery also gained to the highest ever for a most-active contract, rising as much as $12.30, or 1.3 percent, to $987.30 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange. The contract stood at $985.90 an ounce at 2:51 p.m. Singapore time.

Seventeen of 22 traders, investors and analysts surveyed from Melbourne to Chicago on Feb. 28 and Feb. 29 advised buying gold, which has risen 7.9 percent in the last two weeks. Two said to sell, and three were neutral.

``As long as the U.S. dollar remains weak and oil prices remain above $100, we expect gold to be supported,'' Ellison Chu, manager of precious metals at Standard Bank Asia Ltd., said by phone from Hong Kong today.

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