Gold futures rose above $900 an ounce for the first time Friday, according to media reports.

An ounce of gold for February delivery on the New York Mercantile Exchange jumped $6.50 to $900.1 in morning trading, an all-time high, The Associated Press reports. Gold later slipped to $898.70 an ounce but remained in record territory.

High oil prices, a weak dollar, and fears of a U.S. recession led investors to keep buying the precious metal, the AP reports.

Meanwhile, Marketwatch.com said the price reached record levels after Thursday’s comments by Federal Reserve Chairman Ben Bernanke, which it said were widely interpreted as signaling further rate cuts, which could further lower the value of the dollar.

Still, when adjusted for inflation, gold remains well below its all-time high. An ounce of gold at $875 in 1980 would be worth $2,115 to $2,200 today.

Gold has risen 32 percent in 2007, boosted by rising prices for oil and other commodities, and by the falling U.S. dollar.

JCK