Gold keeps surging, jumps past $1,200 an ounce

NEW YORK -- Gold prices have breached $1,200 an ounce, rallying as the dollar falls further against other currencies.

The decline in the dollar has pushed other metals to their highest levels in more than a year. Energy futures are also higher.

Following a well-established trend, investors are selling the dollar and other safe havens like Treasurys and piling into stocks and commodities. Demand for riskier assets is increasing as fears over a possible debt crisis in the Middle Eastern city-state of Dubai ease. Investors have also received some good news on the economic recovery in the U.S.

On the New York Mercantile Exchange, gold hit a new record of $1,204 an ounce before settling at $1,200.20 an ounce, up $17.90, or 1.5 percent, from Monday's close.