NEW YORK - March 1, 2011 - Gold struck a new record at $1,432.57 an ounce Tuesday as worries spread that the surging price of oil could fuel inflation and dampen economic growth.

The price on the London Bullion Market jumped more than $13 an ounce from Monday to top last December's record of $1,431.25, before falling off slightly to around $1,430.50 at 2035 GMT.

On the New York Mercantile Exchange, the price on the contract for April delivery closed at $1,431.20, also a record for that market.

The jump came after oil prices rose again on Libyan unrest and U.S. Federal Reserve chief Ben Bernanke warned that a sustained rise in oil prices could potentially threaten U.S. economic growth and spark dangerous broader price rises.

"Sustained rises in the prices of oil and other commodities would represent a threat both to economic growth and to overall price stability," the central banker said in testimony to Congress Tuesday.