Gold hit record highs over $1,225 an ounce on Thursday as the precious metal continued to attract investors looking for an alternative to the dollar. Gold has risen by more than 7 percent since touching a low of $1,136.80 last Friday on fears of a possible default on debt in Dubai, which spurred investors to sell the metal to raise cash to cover losses.
Spot gold rose as high as $1,226.10 per ounce by 0521 GMT before drifting downward to $1,219.90, up 0.3 percent from New York's notional close of $1,215.90. US gold futures for February delivery touched an all-time high of $1,227.50.
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