Global stocks rise; gold at record high

By Jessica Mortimer

LONDON (Reuters) - World stocks rose while gold hit another record high and the dollar weakened on Wednesday after Federal Reserve minutes expressed confidence in the durability of the U.S. economic recovery.

Federal Reserve officials raised their growth estimate for 2010, helping to offset Tuesday's data showing the U.S. grew at a slower-than-expected pace in the third quarter. But they did not see employment picking up soon.

"Good macro news will always serve as a justification for a rise in the markets," said Giuseppe-Guido Amato, strategist at German brokerage Lang & Schwarz.

MSCI's all-country world equities index was up 0.5 percent, while European shares rose 0.6 percent, with oil and mining stocks the main gainers.

"At the moment, it's about owning commodities -- above all, precious metals, but also oils," Amato said.

Gold prices struck a record high for a second time this week, rising as high as $1,179.80 an ounce, lifted by a newspaper report that India was "open to buying" more gold from the International Monetary Fund and by broad dollar weakness.

U.S. crude oil prices rose 0.4 percent, rebounding above $76 per barrel to reverse some of the previous day's 2 percent fall following disappointing U.S. growth data and figures showing a big build in crude inventories.