By KUNA
London : The price of gold reached yet another all-time high Monday, hitting 904.60 dollars an ounce, as investors seek a haven from any potential US recession.
Gold prices have also risen on the back of expectations of further cuts in US interest rates, analysts said.
The weak dollar has also boosted the metal, as this makes it cheaper for holders of other currencies.
With platinum also hitting a new high, some analysts are now predicting that gold prices could reach 910 dollars an ounce.
The analysts said there is blue sky ahead and there is room for gold to go even higher.
They added that gold prices were also being lifted by high oil prices and by speculative trading.
Gold prices increased by more than 30 percent in 2007.
Meanwhile, the price of platinum hit 1,565 dollars an ounce in Monday trading, while silver touched a 27-year high of 16.39 dollars an ounce.