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

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