GLOBAL MARKETS-Gold at new high as dollar slides, stocks gain

* Gold at new high as dollar falls

* Stocks benefit from higher commodity prices

* Two-year U.S. Treasury yield below 0.75 percent

By Jeremy Gaunt, European Investment Correspondent

LONDON, Nov 23 (Reuters) - Gold powered to another record high on Monday as expectations that U.S. interest rates will remain low weighed on the dollar, while higher commodity prices lifted world equities.

MSCI's all-country world stock index <.MIWD00000PUS> was up 0.9 percent, led by European and emerging market shares that are sensitive to commodities.

Gold hit a record high at $1,167.45 an ounce before slipping back a bit, bringing this year's gains to around 32 percent.

The main catalyst for gold's rise has been the falling dollar, which makes the metal more attractive to non-dollar investors and encourages others to hedge.

The U.S. currency was down nearly three-quarters of a percent against a basket of competitors <.DXY>, closing in on 15-month lows. Comments from St Louis Federal Reserve President James Bullard on Sunday reinforced expectations that U.S. interest rates will remain low for some time, a factor that has weighed on the currency.

"New highs in gold were a major catalyst in invigorating confidence and pushing the dollar lower," Nomura currency strategist Ned Rumpeltin said.

"Combined with the Bullard comments and some short covering after last week's moves, the dollar is likely to remain under pressure today."

Such a backdrop has driven large numbers of investors into gold, which also benefits from a reputation as a safe haven in times of economic uncertainty.

Gold's gain lifted other precious metals, while oil gained 90 cents to $78.37 a barrel and commodities such as copper also gained.

Copper was up 1.7 percent, aluminium was half a percent higher and nickel rose 1.6 percent.

STOCKS UP

European shares were one of the main beneficiaries of the rise in commodity prices.

The pan-European FTSEurofirst 300 <.FTEU3> index of top shares was up 1.6 percent, snapping a four-day losing streak.

Energy stocks were in demand because of the oil price gain. Among big movers were Heritage Oil , which sold its Ugandan interests to Italy's Eni .

BG Group , BP , Royal Dutch Shell and Total all rose as well.

Miners also featured among the top performers as metal prices gained, including Anglo American , Antofagasta , BHP Billiton , Eurasian Natural Resources Corporation , Rio Tinto and Xstrata .

Despite this, there is a general tone of caution from investors at the moment, with many interested in locking in their 2009 gains before the year-end.

U.S. stock futures were up around 1.1 percent , pointing to a firmer open on Wall Street later.

The yield on two-year U.S. Treasuries edged up to 0.743 percent , while benchmark 10-year notes yielded 3.39 percent. (Additional reporting by Jessica Mortimer; editing by Stephen Nisbet) (To read Reuters Global Investing Blog click on http://blogs.reuters.com/globalinvesting; for the MacroScope Blog click on http://blogs.reuters.com/macroscope; for Hedge Hub click on http://blogs.reuters.com/hedgehub) ((jeremy.gaunt@thomsonreuters.com; +44 207 542 1028; Reuters Messaging: jeremy.gaunt.reuters.com@reuters.net))