LONDON: Gold prices rose on Wednesday to an all-time high near 1,150 dollars an ounce, boosted by the weak level of the US currency, analysts said.

In late morning trading here, gold hit a record high point of 1,148.03 dollars an ounce on the London Bullion Market after reaching a series of records in recent weeks.

In late morning European deals in the foreign exchange market, the euro climbed as high as 1.4960 dollars.

A weak greenback makes dollar-priced assets such as gold cheaper for buyers using stronger currencies, tending to stimulate demand for them.

"Gold is getting support from a number of sources currently," said analyst David Morrison at spread-betting firm GFT.

"Like all risk assets, it is benefiting from the sliding dollar, but it is also a safe haven for investors who are concerned about the safety of other currencies," he told AFP.

Morrison added that central banks were also building their reserves of the precious metal.

"We are also seeing (gold prices) rise as central banks become net buyers, after being net sellers for more than 20 years.

"China and Russia have added to their holdings, and could easily increase them again.

"Meanwhile, India and Mauritius have just bought gold from the International Monetary Fund (200 and two tonnes respectively)."

He added: "Ultimately (gold) is a store of value which cannot be undermined by governments and central bankers. Consequently, investors flock to it when they are nervous and in times of uncertainty."