Gold Hits $1,040 Per Ounce

Gold surged to a record high Tuesday after a news report sparked widespread talk about the U.S. dollar being unseated as the currency for trading oil. Gold prices surge $21.90 to settle at $1,039.70 an ounce, surpassing its previous record of $1,020.20 on Sept. 16. Gold also set a new intraday high of $1,045. The previous intraday record was $1,033.90 in March 2008. Oil prices also rose 47 cents, or 0.7%, to settle at $70.88 a barrel. Earlier in the session, it reached a high of $71.77.