The weakness of the U.S. dollar seems to be giving gold its added glimmer, as gold prices closed $2 higher Wednesday, adding more value to related exchange traded funds (ETFs).

The precious metal is often used as a hedge against inflation. The going price today was $934 an ounce. As of the current economic picture, there are major factors supporting the rise in gold: global inflation and increased demand for emerging markets/countries, reports Trang Ho for Investor’s Business Daily.

Some technical analysts believe gold has a shot at retesting the $1,000 an ounce mark after this week’s rally, says Frank Tang for Reuters. Gold reached its all-time record of $1,030.80 on March 17.

ETFs that are basking in the golden glow:

• SPDRs Gold Trust (GLD), up 13% year-to-date
• iShares Comex Gold Trust (IAU), up 13.3% year-to-date
• Market Vectors Gold Miners (GDX), up 5% year-to-date

Tags: GLD, IAU, Metals & Mining