LONDON: The price of gold leapt to a record peak above 1,070 dollars per ounce here on Wednesday as the dollar slid in value against the European single currency.

On the London Bullion Market, gold struck 1,070.80 dollars an ounce, which was the highest level in history.

The latest peak was forged as the euro surged above 1.49 dollars for the first time since August 2008.

In recent days and weeks, gold has enjoyed a record-breaking run as the tumbling dollar has stimulated demand.

A fading US dollar makes the precious metal cheaper for investors holding other currencies. Gold is used in jewellery, dentistry and electronics.