NEW YORK ( TheStreet) -- Gold prices hit the closely watched level of $1,300 an ounce Friday. Gold futures prices for December delivery on COMEX hit $1,300 an ounce intraday, but have fallen back slightly to trade at $1.299.40, up $3.10. Gold prices on Thursday rose $4.20 to settle at $1,296.30. Gold prices have been setting new records this week as the frenzy to buy the yellow metal is backed up by global currency worries. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.