(SyndicateMyNews) - Gold rose to a five-week high in mid-July as weakness in the dollar continued. Silver prices matched gold's gain while investors showed concern over inflation seeking a safe harbor in precious metals this morning.

Gold futures in New York rose $12.70, or 1.35%, to trade at $950.20 per ounce at 10:24AM ET Monday, its highest level in over a month as inflation concerns drew investors away from the dollar, which has dropped 5% against major foreign currencies like the Canadian Loonie, which rallied as high as C$1.1019 to the dollar, or 90.75 cents. It marked the highest price Canada's currency has traded against the greenback since June 12th.

Economic concern over the rate of inflation that could loom with weakness in the dollar showing no signs of letting up drew throngs of investors to commodity markets looking for a safe haven. The drive lift silver prices right alongside gold Monday as silver gained 26 cents per ounce, or 1.95%, to trade at $13.66.

Base metals were also up with copper futures 13 cents, or 0.54%, to trade at $2.436 per pound. Aluminum rose 7.5 cents, or nearly 1%, to trade at 78.5 cents per pound in New York.

StandardBank commodity analyst Walter de Wet said buyers in the physical gold market are showing a willingness to pay higher prices. The commodity price of gold should increase, the Bank noted in its Monday forecast based on the US dollar, which StandardBank estimates will fall against the euro to $1.50.

Resistance in gold is expected at $960 per ounce, though a weak greenback could lift that sell point, experts now predict.

In base metals, copper pushed to a new high for the year of $5,464.75 during the morning session on the London Metals Exchange.