LONDON, Oct 11: The price of gold soared on Thursday to the highest level since 1980, supported by renewed weakness in the US dollar, traders said.

On the London Bullion Market, gold prices leapt as high as $748.10 per ounce.

The fresh multi-year pinnacle came as the European single currency burst back above $1.42, rising close to its record high 1.4283 dollars that was struck on October 1.

Gold tends to rise when the US unit weakens because it makes commodities that are priced in dollars cheaper for buyers using stronger currencies, analysts say.

Gold prices strengthened again as US dollar weakness underpinned solid gains, noted analysts at Barclays Capital.

The precious metal is also supported by strong crude oil prices, which in turn spark inflationary concerns. However, gold is regarded as a safe bet in times of rising inflation.—AFP