Gold continues record run above $1,100
The precious metal pushes further above $1,100 an ounce, after a 5% gain last week, as the dollar weakens broadly.
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| Click the chart for current gold prices. |
NEW YORK (CNNMoney.com) -- Gold rallied to a record high Monday as the dollar weakened against rival currencies.
December gold rose $5.70 to settle at a record $1,101.40 an ounce, after climbing to an all-time trading high of $1,111.70 earlier in the session.
Gold gained 5% last week on speculation that central banks around the world will begin buying more of the precious metal as an alternative to the dollar, which is the traditional global reserve currency.
The dollar fell Monday after a meeting of finance ministers from the Group of 20 major economies over the weekend ended without a definitive plan to tackle rebalancing global money flows.
The dollar index, which gauges the greenback's value against a basket of currencies, slid 0.9% to a two-week low of 75. So far this year, the dollar has lost more than 7% against its main rivals.
Gold has gained more than 23% this year, and many traders expect the rally to continue into next year given the outlook for continued weakness in the dollar.
A softer greenback makes commodities that are priced in dollars, such as gold, more appealing for investors using other currencies. As a result, gold often rises when the dollar weakens. 
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