NEW YORK — Gold climbed to a record in New York and London on a further drop by the dollar and on a report that India may buy more bullion for its central-bank reserves.

Gold futures have rallied 12 per cent since India said on November 3 it bought 200 metric tonnes of metal from the International Monetary Fund. The country, the world’s largest gold consumer, is open to additional purchases from the IMF, the Financial Chronicle newspaper reported. The US Dollar Index fell for a third day, sliding to the lowest level in more than 15 months.

“Central-bank buying has been one of the main factors of this recent rally,” Peter Fertig, owner of Quantitative Commodity Research. in Hainburg, Germany, said yesterday by phone. “The weaker dollar is driving commodities higher.”

Bullion futures for February delivery on the New York Mercantile Exchange’s Comex division climbed as much as $17.30, or 1.5 per cent, to $1,184.70 an ounce. They traded at $1,181.70 by 8:40 a.m. local time. Up for a ninth day, futures are set for the longest stretch of gains since August 1982.Gold for immediate delivery added one per cent to $1,180.63 an ounce in London after earlier reaching $1,182.95. Prices may advance to $1,200 next week, according to Fertig.The metal rose to a record $1,176.50 an ounce in the morning ‘fixing’ in London from $1,163.25 at yesterday’s afternoon fixing. Some mining companies use fixings to sell production.

Spot prices are up 34 per cent this year.