Gold Strikes $1,000 an Ounce

Gold has finally done it -- it being hitting the $1,000-an-ounce mark for the first time ever.

Thanks to the weakening dollar and growing concerns about the ability of the Federal Reserve to restore the health of the U.S. economy, bullion extended its months-long rally into uncharted territory Thursday.

Recently, April-dated gold futures trading at the Comex division of the New York Mercantile Exchange were at $995.30 an ounce, up $14.80. Earlier, they reached $1,000 exactly before pulling back slightly.

Other precious metals were also higher, with silver, platinum and palladium climbing.

Thus far this year, gold, perceived as a safe haven in times of turmoil, has risen nearly 20%. The latest move coincides with the continued decline in the power of the U.S. currency, which fell to its worst level in more than 12 years against the Japanese yen and an all-time low vs. the euro.