The price of gold hit a new record this morning, close to the symbolic $1,000 an ounce level as the precious metal was boosted again by the weak dollar, traders  said.

On the London Bullion Market, the price of gold jumped as high as $991.68 an ounce, beating yesterday's record high of $991.47.

This week, gold prices have move sharply higher on the back of  the plunging dollar, which tumbled to a fresh low against the  European single currency this morning.

The metal also gets support because it is regarded as a safe investment in times of economic uncertainty and rising inflation.

On the foreign exchange market this morning, the euro jumped as  high as 1.5324, topping the previous record set yesterday of $1.53.