Gold prices climbed to a one-month high Wednesday after crude oil shot past $134 a barrel for the first time, encouraging investors to buy precious metals as a hedge against inflation.

Other commodities traded mostly higher, with silver, soybeans, corn and heating oil all trading higher.

Gold has trekked higher for five straight sessions _ gaining 7 percent in the past week _ as crude's seemingly relentless drive higher adds to growing inflation fears and boosts demand for safe-haven assets like gold and silver. Precious metals are traditionally viewed as hedges against inflation because they're known for holding their value.

Though gold and oil don't always rise together, analysts said crude's record surge above $134 a barrel Wednesday brought a wave of investors into the metals market.

"All eyes are on the black gold at the moment," said Jon Nadler, precious metals analyst with Kitco Bullion Dealers Montreal. "The oil market has just taken control of every trading psyche out there."

Gold for June delivery rose $8.40 to settle at $927.50 an ounce on the New York Mercantile Exchange, after earlier reaching a one-month high of $931.10.

Another drop in the dollar against the euro also pushed gold higher. A weaker dollar encourages investors to buy hard assets like gold and silver, while making dollar-denonimated commodities cheaper for overseas investors.

Gold's surge has again put the metal within striking distance of the psychologically important $1,000 mark, first breached in March. But Nadler said it would likely take a major geopolitical event or financial crisis to push gold to that level.

"We'd have to see more cause and effect to see gold come alive like that," Nadler said. "On the oil story alone, I think we're good for $950."

Other precious metals traded mixed. July silver added 32.5 cents to settle at $18.05 an ounce on the Nymex, while July copper fell 3.2 cents to settle at $3.7445. Continued...