Gold hits record high close to $1,064

The price of gold forged a record high close to 1,064 dollars an ounce here on Tuesday as the dollar sank against the euro.

In morning trade on the London Bullion Market, gold struck 1,063.95 dollars an ounce, the highest level ever recorded.

Gold's latest pinnacle was recorded as the European single currency climbed above 1.48 dollars in foreign exchange trade on Tuesday morning.

A struggling greenback makes the precious metal cheaper for investors holding other currencies, thereby boosting demand, analysts said.

Gold, used in jewellery, dentistry and electronics, has struck a series of all-time highs in recent weeks owing to the weak dollar.

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Anyone lucky enough to buy gold when it was less than $480 must be quite happy to have doubled the investment.

With the dollar's value tanking against it's counterparts, I wonder how high gold will go.