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Gold Prices Hit Record High for 2nd Day

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Gold prices have risen to record highs for a second consecutive day as continued weakness in the U.S. dollar entices more investors to the precious metal.

Gold futures hit a new peak of $1,049.70 an ounce Wednesday, while the spot price of gold also hit a record high of $1,048 an ounce.

Since gold is traded in dollars, the U.S. currency's recent decline has made gold more attractive to investors holding stronger currencies.

Gold prices have risen almost 20 percent this year.

Many investors also see gold as a safe haven for their wealth in case U.S. inflation accelerates and erodes the value of the dollar.

Some information for this report was provided by AFP, AP and Reuters.