The recent rise in gold prices has made an unusual steep climb on January 3rd to touch a lifetime high of $868.89 an ounce. It outbeat its 1980 record when it touched $850/oz on January 21, 1980. The hike was prompted by record oil prices, the weak US dollar and geopolitical tension.%%According to analysts, the price of gold will continue to show an increase due to the slow reduction in mine output, the increase in investment and demand for jewellery from emerging like India and China. “With the US dollar expected to be weak in the first half of 2008 and inflation still a key concern for markets, we think gold is well positioned to move higher over the next several months,” said precious metals trader ScotiaMocatta.%%World Gold Council chief executive James Burton mentioned on this high rise saying, “The record achieved today (Jan. 3) is substantially more firmly based than that in 1980. It follows a sustained six year rise in the price and was built on a combination of strong investment and jewellery demand. In contrast, the record of 1980 was the peak of a very volatile market, in which the price had risen nearly $300 in just three weeks from the beginning of the year and subsequently plunged sharply, giving up all this gain by mid-March.