The price of gold hit a fresh record high point in London today as the faltering dollar made the precious metal more attractive to investors holding stronger currencies.
In morning trading on the London Bullion Market, gold struck $1,048.43 an ounce, which was the highest level in history. It later fell back to $1,041 an ounce.
The precious metal, used in jewellery, dentistry and electronics, has surged higher on the back of the sliding US dollar.
The dollar had fallen sharply yesterday, hit by an Australian interest rate rise and a British media report that Gulf states were planning to stop using the US unit for oil transactions, traders said.
As a result, gold prices have since been catapulted to a series of record high levels.
