The price of gold has hit a new all-time high of $1,036.60 an ounce after a decline in the dollar boosted the attractiveness of metals to investors, BBC reported.
Copper prices also rose above $6,000 a tonne, as the weaker dollar made metals cheaper for non-US investors.
The dollar fell after a newspaper report - later denied - said that Gulf nations wished to replace the greenback as the main oil currency.
The rise in metal prices lifted shares in mining firms.
Analysts said concern about the possibility of higher inflation in the US as its economy recovers was another factor in lowing the price of the dollar, further boosting the appeal of gold.
In afternoon trading on the UK's main FTSE 100 share index, the top three price rises were all mining stocks, with Kazakhmys up 7%, followed by Antofagasta (6%), and Vedanta (5.5%).
Commodities analyst Robin Bhar, said the fall in the value of the dollar had given metal prices a welcome boost.
"The dollar has been the biggest driver," he said. "It's helped to support flagging prices."
The last time the price of spot gold hit a new high was in March 2008, when it reached $1,032 an ounce. Gold has now risen in value for each of the past eight years.