It’s the stuff of western dramas where rugged men went looking for it in the mountains. It’s the shiny metal used in fancy jewelry, the highest honors for sports and the bars tucked away in heavily secured safes. And these days, gold’s appeal as a safe-haven investment has carried it to record prices.

Gold futures surged above $880 Tuesday to their highest level ever, not accounting for inflation, propelled higher by rising oil prices and a weak U.S. dollar.

An ounce of gold for February delivery climbed as high as $884 on the New York Mercantile Exchange, topping by almost $10 its previous record of $875 set in 1980, and later settled at $880.30, up $18.30. Gold for January delivery was close behind at $878.00.

Market analysts who have watched gold’s ascent weren’t surprised that gold reached a high. “I’m telling my friends,” said Ashraf Laidi, an analyst at CMC Markets. “I’ve told them for the past three years to invest in gold.”

Still, when adjusted for inflation, gold remains far short of the jaw-dropping levels of 28 years ago. An ounce of gold at $875 in 1980 would be worth $2,115 to $2,200 today. Read Full Story