Gold glitters again - sets new record
Investors flock to the commodity amid sinking dollar and worries about rising inflation.
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| Gold hit a record $1007.30 Friday. |
NEW YORK (CNNMoney.com) -- Gold futures soared to a fresh all-time trading high above $1,000 an ounce Friday as the dollar sunk to new lows.
COMEX gold for April delivery touched $1,007.30 an ounce in morning trading before slipping back a bit.
After weeks spent hovering below the key psychological mark, gold finally hit $1,000 an ounce for the first time Thursday.
Behind gold's surge has been a drop in the dollar, which dropped below 100 yen for the first time since 1995 Thursday. It also has hit a string of record lows against the euro.
The greenback has fallen to record lows amid fears of a protracted slowdown in the U.S. and concerns about rising inflation.
A key inflation reading released by the Labor Department Friday showed consumer prices were flat last month, but there are signs that price pressures are building.
Commodity prices have soared recently. Oil prices have set 12 record highs in the past 13 trading sessions. The front-month crude contract is now trading just below $111 a barrel. Gasoline has set record highs for four straight days, as U.S. drivers now need to shell out an average of $3.28 a gallon. 
