Gold prices soared to a record above 1,180 dollars here on Wednesday on the back of weak greenback, which makes the precious metal cheaper for buyers using stronger currencies, traders said.

Gold hit US$1,180.20 an ounce shortly after 0700 GMT (3pm Singapore Time) in trading on the London Bullion Market, after striking a series of historic peaks in recent days and weeks.

"If the dollar goes down then the price of gold will automatically rise," said BGC Partners analyst Howard Wheeldon.

"Moreover, if the dollar is perceived by bullion markets as likely to continue falling then one can assume that the price of gold will rise in proportion," he added.