Gold Prices Soar Above $1,180/Ounce

Updated from 4:58 a.m. EST

NEW YORK (TheStreet) -- Gold prices Wednesday were setting new highs, crossing $1,180 an ounce.

Gold futures for December delivery at 5:50 a.m. EST were trading at $1,177.20 an ounce, up $11.40. Earlier, gold prices set a new record of $1,180.40 an ounce.

Gold continues to be looked upon as an alternative to a weak dollar, which fell against other major currencies Wednesday.

The dollar slipped to 88.81 yen from 88.53 yen. The euro gained to $1.5027 from $1.4958.

Gold prices also could be taking their cue from a report that India could buy more gold from the International Monetary Fund.

The Reserve Bank of India, which bought 200 metric tons of gold from the IMF for $6.7 billion on Nov. 3, may buy the IMF's remaining hoard of 201.3 tons. The negotiations are now underway, reports India's Financial Chronicle newspaper.

-- Reported by Joseph Woelfel in New York .

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