The price of gold has risen above 1,300 US Dollars an ounce for the first time in the international market. The price of the precious metal reached 1,300.07 dollars during trading at the London bullion market, before dipping back. The latest rise has been spurred by caution over the global economy, as well as weakness in the US dollar.The currency used to value gold fell 1 per cent against the euro. The gold price has increased five-fold in the last 10 years, up from a low of 258 dollars in 2000. The World Gold Council's last report on the gold market predicted that continuing strong demand from jewellery buyers in the two fast-developing markets of India and China would help to keep the price high.