The price of gold struck a new all-time high above $1,278 an ounce earlier today as investors sought safety against a fragile economic recovery.

Gold hit a record $1,278.02 on the London Bullion Market, before falling back to $1,274.77 this evening. Gold is seen as a safe haven investment and also a hedge against inflation.

Meanwhile, oil prices fell for a third day ahead of the expected re-opening of a North American pipeline that will restore crude supplies to US refiners.

US regulators will allow the 670,000 barrel a day Enbridge pipeline, which carries oil from Canada to the American heartland, to resume operation on Friday following repairs after a one-week closure.

US crude fell below $75 a barrel before recovering to around $75.32 a barrel, down 70 cents from Wednesday's close. The contract hit a one-month high above $78 on Monday. Brent crude was trading nine cents higher at $79.51 a barrel.