According to reports, gold has scaled up to an incredible $794.40 on the London bullion market, on Monday. Gold had reached a record high of $850 an ounce on January 21, 1980. Today, gold retreated since some investors booked gains following Monday's record-high price. In early trade, spot gold was down at $784.15 an ounce. %%In a statement in Bloomberg, “The gold price is benefiting from the weak U.S. dollar, with gold being viewed as a hedge against dollar weakness, the expectation that the Federal Reserve will lower U.S. interest rates and the high oil prices,” said David Moore, commodity strategist at Commonwealth Bank of Australia.