SINGAPORE, Nov 23 (Reuters) – Gold powered to another record high on Monday, benefiting from its reputation as a hedge against inflation and sluggish economic growth, while oil and copper prices rose on a weaker dollar and supply concerns.

European stocks were set for a firmer start following gains in Asian shares, which were led by Australia thanks to higher resource stocks, although volumes were light with Japan out on holiday.

Many investors have been reducing their positions and cutting risk as a strong year begins to wind down and with economic indicators still showing scant evidence of a sustained recovery.

Highlighting the growing concerns evident in the market, yields on U.S. 2-year Treasuries have fallen below 0.75 percent, approaching levels seen at the height of the financial crisis in December last year.