Global spot gold prices are edging closer to $US1200 per oz after hitting a new high of $US1192.55 during Asian trading yesterday.
Four new highs were hit over 24 hours between exchanges in London, Asia and New York, before noon in New Zealand yesterday.
New Zealand Mint bullion dealer Mike O'Kane said gold was "on track" to reach an anticipated $US1200 to $US1300 high.
"[However] we may still see a small pull-back in price before moving forward again," he said in a statement yesterday.
Gold sales for New Zealand Mint were "almost on par" to those prior to the recession beginning in early-2008, noting the World Gold Council had recently reported that global third-quarter demand was 15% higher than it had been during the second quarter, he said.
Spot gold prices are up about 35% for the year.
The latest record reflects further weakening in the US dollar and reports from India its reserve bank was considering buying more gold from the International Monetary Fund, having spent $NZ9.3 billion buying 200 tonnes earlier this month.
Sri Lanka this week purchased 10 tonnes of IMF gold.
Inflation fears have gripped investors who turned to gold as a "safe haven" hedge, with the price steadily moving up toward $US1200 since $US1000 per oz in early February.
