On the bank of weakening dollar values, and fueled by the speculation that the currency might fall further, gold prices have hit an all time record high of $1,167.35 an ounce, recording a $15 rise on Friday's closing price.

Experts' expectation that the American interest rates will remain low for the time being has increased pressure on the Dollar, which has end up making gold an attractive investment, especially for markets in developing economies, particularly in Asia. The material's growing demand in these markets is also fueling prices.

The world's emerging economies are now looking at diversifying their foreign exchange holdings, and, as a result, are buying gold in increase quantities. "Sentiment is very upbeat and gold is looking increasingly attractive", said Credit Suisse's Stefan Graber at Credit.

Analysts and economists have shared the expectation that gold prices will continue to rise in the coming times, making investment in the material even more fierce. "It looks like $1,200 will be seen much sooner than expected", said Afshin Nabavi of Gold Bullion Refiner MKS Finance.