Gold surged again today, hitting a record $1,049.70 an ounce before falling back to $1,044.40. The intraday hight and the close topped Tuesday's record of $1043.45 an ounce.
Demand for gold has been rising as U.S. government debt reaches record levels and the Federal Reserve keeps interest rates at record lows near zero percent. A weak dollar has also contributed to gold's recent surge.
Despite the record price of gold, the commodity is still well below its inflation-adjusted record of about $2,200, set in January 1980, when gold hit $850 an ounce.
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