CHICAGO, Nov. 18 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange hit a new record high above 1,150 U.S. dollars on Wednesday as dollar weakened. Silver finished a little higher, but platinum dropped.

    The most active gold contract for December delivery rose 1.80 dollars to finish at 1,141.20 U.S. dollars an ounce. Earlier in the session, the precious metal soared above 1,150 dollars for the first time and touched as high as 1,153.40.

    The dollar mostly declined on Wednesday as a Federal Reserve official said in a speech that interest rates may not rise until 2012 from the record low level near zero.

    The dollar index, a gauge measuring the greenback's value against other major currencies, slid more than 0.3 percent to 75.205 when gold pit trading closed, fueling gold's appeal of hedge. However, dollar's recovery in late session forced the yellow metal to give up most of the gains.

    On the economic front, the Commerce Department reported U.S. home construction unexpectedly plunged last month to its lowest level since April. The construction of homes and apartments fell 10.6 percent in October to an annual rate of 529,000, well below economists' expectations of 600,000.

    Meanwhile, the Labor Department said consumer prices rose 0.3 percent in October, a bit more than the 0.2-percent rise economists had expected.

    Concerns on a sluggish recovery of economy and potential inflation also provided some support to the precious metal.

    December silver was up 2.8 cents to 18.415 dollars per ounce. January platinum lost 10.50 dollars to 1,452 dollars an ounce.