Gold prices have reached new highs, rocketing past the $900 mark set last Friday.

Overnight, February Gold hit $US917.90 an ounce at the COMEX division of the New York Mercantile Exchange, before closing at $US903.40.

Gold first crossed the $US900 an ounce threshold in New York trading last Friday when February gold futures reached the historic figure of $US900.10, before closing at $US897.70.

On the same day January gold also closed at a new record high of $US899.70.

With investors nervous about the US economy and the prospect of a global credit crunch, gold remains a favourite for those seeking a safe-haven against inflation.

Just as there was at the time of gold’s last surging bull runs of the late 1970s, there is considerable doubt about the outlook for the US economy.

In research released last week leading US investment bank Goldman Sachs said recession in the US was just around the corner, with negative economic growth predicted for the second and third quarters of 2008.

Following the 50 per cent increase in gold prices over the last 12 months, talk of $US1000 an ounce at some point in 2008 is becoming increasingly common.