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Randgold Resources Ltd. (NDAQ: ) shares moved higher today after a weaker dollar pushed commodity prices higher. Intraday contracts for gold hit a high of $839 per ounce as the dollar index fell 0.7% to $76.39. Commodities were also helped by renewed credit concerns after The Financial Times reported that U.S. investment bank Lehman Brothers held clandestine talks earlier this month to sell as much as half of their shares to South Korean or Chinese parties, but failed to reach an agreement with either.

Commodities have sold off over the past few months, but many experts believe that the tide is turning. Inflation is the key catalyst for this change as consumers grow more and more worried about price increases. Oil prices in particular sparked concern after they hit $120 a barrel today. With the dollar rally on hold and energy prices moving sharply higher, many are expecting a rally in commodity stocks as the bearish macro background is also still in tact.

Other gold plays also moved sharply higher on the day. The SPDR Gold Trust (NYSE: ) rose 2.6% while Market Vectors-Gold Miners ETF (NYSE: ) rose 4.6%. Other commodities plays, such as silver, are also on the increase. The iShares Silver Trust ETF (NYSE: ) jumped 3.1% so far in today's trading session. The only commodity stocks trading sharply lower are the chemical companies that rely on oil to manufacture their products.

Shares of Randgold are up $1.21, or 2.8%, to $44.50 on the news.

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