Gold Prices Reach New High Above $1,300 an Ounce

Gold continued its record-breaking climb, reaching a new high of $1,300 an ounce.

Futures for December hit $1,301.30, before slipping to $1,299.40 an ounce on Globex.

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"Diversification and physical demand will continue to provide upside momentum," said James Moore, an analyst at TheBullionDesk.com, in a research note.

Gold surged earlier in the week after Federal Reserve Chairman Ben Bernanke indicated that the Fed was willing to provide extra monetary stimulus to boost the U.S. economy. Markets took this as a signal that the dollar would weaken, making gold a more attractive investment.