Gold prices hit new record

THE share market opened 0.8 per cent higher in a broad-based rally today while gold prices hit a new record. The spot price of gold in Sydney reached a record $US1,123.70 ($1,202.13) per fine ounce and at 10.16am AEDT was at $US1,122.90 per fine ounce, up $US16.37 on Friday's closing price of $US1,106.53.

Shares were up due to US shares and metals prices gaining on Friday.

At 10.11am AEDT, the benchmark S&P/ASX200 index was up 37.8 points, or 0.8 per cent, at 4744.2 while the broader All Ordinaries rose 37 points, or 0.78 per cent, to 4759.6.

Of the stocks in the S&P/ASX 50, 45 gained.

The gold miners led the index higher, with Lihir rising eight cents, or 2.38 per cent, to $3.44, and Newcrest Mining adding 55 cents, or 1.59 per cent, to $35.12.

The major miners also gained, with BHP Billiton advancing 36 cents, or 0.92 per cent, to $39.37, and Rio Tinto rising $1.04, or 1.5 per cent, to $70.56.

On Friday, metals prices including gold, copper and silver gained.

Encouraging earnings news from major retailers and Walt Disney boosted US stocks.

The Dow Jones Industrial Average rose 0.7 per cent to 10,270.47, the broader Standard & Poor's 500 index gained 0.6 per cent to 1,093.48 and the Nasdaq composite index added 0.9 per cent to 2,167.88.

Gas prices will continue to rise before leveling offShares close higher for fourth session