Gold Price Hits New High

NEW YORK (TheStreet) -- Gold prices soar to $1,133 an ounce as the U.S. dollar continues to fall.

Gold delivery for December was currently rising $13.60 to $1,130.30 an ounce at the Comex division of the New York Mercantile Exchange. Gold prices have traded as high as $1,133.50 and as low as $1,119.50.

Silver prices were jumping 52 cents to $17.90 but still holding below the $18 resistance level while copper was rising 8 cents to $3.06.

Gold prices hit an all time high in overnight trading. The dollar came under pressure as the U.S. and China argued over currencies during President Obama's trip to Asia. The U.S. dollar index was currently sliding .50% to $74.95. As the U.S. currency weakens, dollars become cheaper leading speculative funds to invest in gold as an alternative asset. "The $75 level of the trade weighted index still continues to be a major pivot point as is the $1.50 against the euro", says Jon Nadler, senior analyst at Kitco.com.

Gold's next step is $1,150 an ounce. If gold prices can close above the $1,134 level on the New York Mercantile Exchange, then some analysts believe gold's bull-run could continue. There are a few variables, however, that might weigh on gold prices. First, Federal Reserve Chairman, Ben Bernanke, will speak today to the Economic Club of New York and any signs of change on the Fed's interest rate policy could support the U.S. dollar and hurt gold prices. Nadler also argues that "we are about a week out from options expiry for the December contact and there are a number of analysts who feel that once that is out of this pipeline that some substantial profit taking could come into the market place."