The price of gold struck an all-time high at $1,043.78 an ounce in London today as the US dollar fell on a reported plan by Gulf states to stop using the greenback for oil trading.
Gold reached the level in late afternoon trade on the London Bullion Market, beating the previous record high of $1,032.70 an ounce struck in March 2008.
The dollar's future as the world's top currency was thrown into doubt as a report said Arab states had launched secret moves with China and Russia to stop using the greenback for oil trading.
Gold, viewed as a safe-haven investment, has won back favour in recent months as the global economy struggles out of its worst slump in decades.
The run-up in gold has been largely driven by weakness in the dollar, which makes dollar-priced commodities cheaper for holders of stronger currencies, boosting demand.
Gold also wins support from fears about higher inflation because the metal is widely regarded by investors as a safe store of value.
