The dollar fell to a record against the euro, extending its drop this year to 11 percent. Gold and the dollar often move in opposite directions. Bullion has climbed every year since 2001 while the dollar has declined four of the past five years. Gold has gained 26 percent this year, outpacing last year's 23 percent rise. Silver rose 12.49 cents, or 0.9 percent, to $14.5549 an ounce. The dollar hit a record low versus the euro, Swiss franc and a basket of major currencies as the market upped the ante on the Federal Reserve to deliver an interest rate cut next month. A cut in U.S. borrowing costs is seen heaping downward pressure on the embattled dollar as it dents the currency's yield appeal, making gold cheaper for non-U.S. buyers. Bullion's safe-haven properties were also highlighted by worries over economic growth stemming from the global credit market crisis. Oil prices also provided residual support for gold's role as a hedge against inflation. As the dollar sank to new lows after the Federal Reserve predicted U.S. growth would slow in 2008, crude oil surged to a high of $98,30.Oil has risen by 45 percent since mid-August and speculative investment rose, supply tightened and the dollar weakened.U.S. consumer sentiment fell in November to the lowest in two years, a bleak sign as Thursday's Thanksgiving holiday marks the start of the peak shopping season in the world's largest economy.The dollar was at $1.4930 against the euro close to its record low of $1.4872 hit earlier in the session on growing expectations of further U.S. interest rate cuts.