London  - The price of gold reached a new record high Wednesday, climbing to 1070.40 dollars per ounce in early trading, dealers in London said.

This compares with a closing price of 1060.40 - 1060.90 dollars per ounce Tuesday.

Analysts said the rise is primarily due to investors considering gold to be a "low-risk" alternative to buying currency in view of a weakening US dollar. (dpa)