Gold sets historic high above $1,000 mark

London: Spot gold raced higher to scale an historic peak above key $1,000-mark on Friday after the dollar hit a record low after weak US data and deepening financial market troubles in the United States.

Spot gold surged to a high of $1,005.50 an ounce and was quoted at $1,003.10/1,004.00 at 10:17 EDT, compared with $991.00/991.80 late in New York on Thursday.

The dollar extended losses, hitting a fresh record low against the euro and a new 12-1/2 year low versus the yen after a survey showed US consumers thought the economy was in recession.