Gold prices have only continued to gain as investors look to hedge possible inflation and a weak dollar. The run has had a nice side effect, too: it’s boosted the prices of other metals and given their related exchange traded funds (ETFs) a lift.

Reasons for gold’s climb to record prices haven’t changed: a weaker dollar, inflation worries and mixed investor sentiment seem to rule the markets lately. But as gold marches forward, other metals have hitched a ride on its coattails. Platinum and palladium have hit 12-month highs, and analysts think it could continue if gold remains strong. (Copper should also enjoy higher prices despite the overstock supply).

Devon Maylie for The Wall Street Journal reports that platinum and palladium are both industrial and precious metals. As a result, they’re benefiting from hedging as well as hopes that industrial activity will take off in 2010. (Learn about the “other” metals). Silver, another precious metal with industrial applications, has also been gaining strength, handily outperforming gold year-to-date. (Six benefits of silver investing).

Copper prices have also rallied to a 13-month high on a sliding dollar and Japan’s economic expansion. Copper made up 54% of the total value of Chile’s exports last month, up from 42% the same time last year, reports Drew Benson for Bloomberg.

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