Gold hits record high above $1123

LONDON — The price of gold surged to an all-time high point above 1,123 dollars per ounce here on Thursday, as trade was driven by buoyant stock markets and the weak US currency, analysts said.

On the London Bullion Market, gold jumped as high as 1,123.38 dollars an ounce.

"The metal remained supported by stronger equities and the weaker dollar," said James Moore, analyst at specialist metals website TheBullionDesk.com.

Gold has blazed a record-breaking trail in recent weeks on the back of the struggling US unit, which makes the dollar-priced precious metal cheaper for buyers holding stronger currencies, and therefore tends to boost demand.