NEW YORK ( TheStreet ) -- Gold prices hit a new record high Friday as investors fled into gold as a safe-haven asset. Gold for August delivery settled $9.60 higher to $1,258.30 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,263.70 and as low as $1,243.10. The U.S. dollar index was slipping 0.01% to $85.68 while the euro fell slightly to $1.237 vs. the dollar. The spot gold price Friday was adding $12, according to Kitco's gold index. Gold prices conquered new highs breaking their old high of $1,248 an ounce. Fridays in the summer typically lead to more volatility in gold as volume thins and traders shift into cash and gold to protect themselves against a weekend where anything can happen. Friday was also quadruple witching, which forced traders to repurchase or sell their options contracts before they expire. But gold's big rally can't just be explained by technical buying and options expiration. One theory is that Spain's successful bond sale calmed investors who were worried that the IMF and ECB would be forced to sell gold to raise cash. Another is that big central banks from emerging market countries like China and India are buying gold. Iran recently said it would be selling €45 billion for U.S. dollars and gold. The final theory is safety. Gold is bought as the ultimate safe-haven asset to hedge against a flailing equity market. SPDR), added almost 2 tons Thursday as investors piled into gold despite prices nearing record highs.