By Halia Pavliva Dec. 2 (Bloomberg) -- Platinum and palladium futures rose to the highest levels since the third quarter of 2008 on speculation that the dollar will continue to slump, boosting the appeal of the precious metals as alternative assets. Before today, platinum futures jumped 58 percent this year and palladium more than doubled in price. The metals are used in jewelry and pollution-control devices in cars. The euro has climbed 7.9 percent versus the greenback in 2009, and gold topped $1,200 an ounce yesterday for the first time. “The dollar should continue to erode into the mid-$1.50s” versus the euro, Edward Meir, an analyst at MF Global Ltd. in Darien, Connecticut, said in a report. “This means that the general push higher in metals should continue, despite the sector’s less-inspiring fundamentals.” Platinum futures for January delivery rose $15, or 1 percent, to $1,501.60 an ounce at 9:59 a.m. on the New York Mercantile Exchange. Earlier, the metal reached $1,502.90, the highest level for a most-active contract since Aug. 24, 2008. The price climbed to a record $2,308.80 on March 4, 2008. Palladium futures for March delivery gained $6.10, or 1.6 percent, to $390.05 an ounce. Earlier, the metal reached $392, the highest level since July 29, 2008. The dollar was little changed against the euro today. To contact the reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net.

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