Updated from 4:52 a.m. EDT

NEW YORK (

TheStreet

) -- Gold prices slipped slightly Thursday after topping $1,025 an ounce earlier in the session.

Gold for December delivery was trading at $1,019.50, down 70 cents, after trading as high as $1,025.80 Thursday.

The contract closed Wednesday at $1,020.20, up $13.90, on the New York Mercantile Exchange, the precious metal's fourth-straight day above $1,000. Its record is $1.032.70 an ounce, reached in March 2008, according to

Bloomberg

.

Gold has rallied recently as the dollar keeps falling against other major currencies. Gold is used as a hedge against a weak dollar and inflation.

The euro rose against the dollar Thursday to $1.4731 from $1.4706 on Wednesday. The dollar was trading flat at 90.88 Japanese yen.

-- Reported by Joseph Woelfel in New York

.

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