The price of gold surged to an all-time high point of $1,133.20 an ounce today, as strong Japanese economic growth data stimulated demand for the precious metal.
Gold surged to the record level earlier this morning, before pulling back slightly to stand at $1,131.70 in trading on the London Bullion Market.
The weak greenback also lifted gold because it makes dollar-priced assets cheaper for buyers using stronger currencies, which stimulates demand.
Japan's economy grew at its strongest pace in more than two years in the latest quarter, smashing market forecasts and extending a recovery from the worst downturn in decades, official data showed today.
The world's second-biggest economy posted a second quarter of positive growth in a row as it emerged from a severe year-long recession on the back of rebounding exports and the government's massive stimulus spending.
