US gold futures soared to a historic high of $1,000 an ounce this afternoon amid strong investment demand on the back of a record-low dollar and inflation fears.
Experts predict bullion could reach higher records and even double this year as investors continue to switch to hard assets like gold as a safe haven amid economic uncertainties.
The last time gold scaled a historic milestone was in January 1980, when it surged to $850 an ounce, as high inflation linked to strong oil prices, Soviet intervention in Afghanistan and the Iranian revolution prompted investors to buy the metal.
