The price of gold hit a fresh record high point above $1058 an ounce in London trading on Thursday as the dollar renewed its run lower.

In early morning trade on the London Bullion Market, gold struck $1058.48 an ounce, which was the highest level in history. It had struck a record high of $1048.43 on Wednesday.

The glamorous metal, used in jewellery, dentistry and electronics, has struck a series of all-time highs this week on the back of a sliding dollar that has made the precious metal cheaper for investors holding other currencies, boosting demand.