Gold prices are pushing to new heights as investors digest the possible consequences of the lowered U.S. credit rating and Europe's debt crisis.

Investors view gold as a safer bet amid rising worries about debt levels of the major economies and tumbling stock markets. Its value, unlike that of a currency, doesn't hinge on whether countries can make their bond payments, or on the vigor of their economies.

In morning trading, gold futures are up $39.50, or 2.3 percent, to $1,752.70 per ounce. They set a new record of $1,782.50 earlier.

Gold's price has more than doubled since the recession began in
late 2007. Its climb accelerated this summer.

Still, adjusted for inflation, an ounce of gold remains below its 1980 peak of $850, which translates to about $2,400 in current dollars.