London - Gold hit fresh record highs on Thursday driven by a toxic mixture of concerns over unrest in the Middle East and North Africa, a weak dollar, rising oil prices and inflation and Portugal's debt crisis.
The precious metal touched $1464.93 an ounce in late afternoon trade on the London Bullion Market, extending this week's record run.
"Gold continues to draw support from the ongoing geopolitical uncertainty across the MENA region, dollar weakness, elevated oil prices (and) concerns over inflation," said Barclays Capital analyst Suki Cooper.
"Adding fuel to the fire ... was Portugal's request for financing from the European Union."
At the same time, gold's sister metal silver struck 31-year highs of $39.69 an ounce.
Gold, whose two main drivers are jewellery and investment buyers, is widely regarded as a safe haven in times of economic and political uncertainty.
The precious metal touched $1464.93 an ounce in late afternoon trade on the London Bullion Market, extending this week's record run.
"Gold continues to draw support from the ongoing geopolitical uncertainty across the MENA region, dollar weakness, elevated oil prices (and) concerns over inflation," said Barclays Capital analyst Suki Cooper.
"Adding fuel to the fire ... was Portugal's request for financing from the European Union."
At the same time, gold's sister metal silver struck 31-year highs of $39.69 an ounce.
Gold, whose two main drivers are jewellery and investment buyers, is widely regarded as a safe haven in times of economic and political uncertainty.