(Source: United Press International)The price of gold hit a record $1,217.30 an ounce Wednesday, despite a mixed day for the U.S. dollar, which tends to push gold prices up as it falls.
Gold peaked on the Globex exchange, with December gold up 1.1 percent.
A research note for clients issued by Credit Suisse said, "the continued weakness in the (U.S. dollar) as well as falling U.S. real interest rates have spurred strong investment interest for precious metals over the last few months," MarketWatch reported.
As gold prices rose, the dollar index -- measuring the dollar against major currencies -- fell to 74.328 Tuesday, its lowest level in 15 months.
The index, however, rebounded slightly to 74.399, as the dollar gained against the yen, but fell against the euro and the British pound.
A research note by James More, an analyst at TheBullionDesk.com said the gold "is swept along by increasing systemic risk appetite, longer-term inflation concerns and diversification from the dollar, with $1,250 the next likely target."
