Gold price scores new record high

The price of gold hit a fresh record high point in London on Wednesday as the faltering dollar made the precious metal more attractive to investors holding stronger currencies.

The price of gold hit a fresh record high point in London on Wednesday as the faltering dollar made the precious metal more attractive to investors holding stronger currencies.

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In early morning trading on the London Bullion Market, gold struck 1,048.43 dollars an ounce, which was the highest level in history.

The glamorous metal, used in jewellery, dentistry and electronics, has surged higher on the back of the sliding US dollar, traders said.

The dollar had fallen sharply on Tuesday, 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.