NEW YORK, March 5 (Xinhua) -- Gold prices surged to a new record on Wednesday, close to 1,000 U.S. dollars an ounce on weak dollar.

    After plunging nearly 18 dollars on Tuesday, gold futures roared back Wednesday, gaining nearly 30 dollars after the dollar sank to another record low.

    The Dollar declined amid a slew of weak economic data as U.S. factories saw a sharp drop in demand for products in January, while the U.S. service sector shrank last month.

    Also weighing on the dollar are expectations that the Federal Reserve will again slash interest rates when it meets later this month.

    Gold for April delivery surged to an all-time high of 995.20 dollars an ounce on the New York Mercantile Exchange before easing back slightly to 991 dollars an ounce.

    Gold gained 31 percent in 2007 and has risen 15 percent so far this year on concerns about the dollar, oil prices and worries of a U.S. recession.

    Other precious metals also rose Wednesday. Silver for March delivery jumped to a 27-year high of 20.80 dollars an ounce.