Gold has topped $2,000 (£1,527) an ounce for the first time as traders look for havens amid the pandemic.
Investors have moved cash into the precious metal as Covid-19 cases rise in the US and more money is pumped into the global economy.
The record high gold price has also been driven by concerns over tensions between Washington and Beijing.
Prices of other precious metals, including silver, have also risen sharply since the start of this year.
The price of gold has increased by more than 30% this year as coronavirus cases continue to rise in America, causing dozens of states to halt or reverse their plans to reopen.
The rapid rise in cases, which has dented hopes of a swift US economic recovery, has also helped to drive up the price of silver by around a third this year.
Among the reasons for those rises is investors preparing themselves for a possible pick-up in inflation due to the impact of trillions of dollars of stimulus from governments and central banks around the world.
In Washington, Trump administration negotiators have said that they will work "around the clock" with Democrats as they attempt to strike a deal on more economic relief measures by the end of the week.
According to Bank of America, governments around the world have already announced approximately $20tn worth of stimulus to combat the economic impact of the pandemic.
Some investors see the fallout from the Covid-19 crisis, along with ongoing tensions between the US and China, continuing to push up the price of gold.
Market strategist Margaret Yang says she sees potential for bullion to continue rising in the coming weeks and months: "The mid-to-long-term prospect of gold and other precious metals remains bullish against the backdrop of low interest rate environment and fiscal and monetary stimulus."
Peter McGuire from XM.com said he sees gold reaching "$2,200 by Christmas" with silver, platinum and palladium also set to see strong gains.
Latest Stories
-
USC cancels grad ceremony as campus protests against Israel’s war in Gaza continue
58 seconds -
Harvey Weinstein’s 2020 rape conviction overturned in New York
8 mins -
US Supreme Court divided on whether Trump can be prosecuted
10 mins -
There’s enough justification for Affirmative Action Bill to be passed – Minka-Premo
13 mins -
Don’t allow people to manipulate you into vaccine hesitancy – Dr Adipa-Adappoe
20 mins -
Suspend implementation of Planting for Food and Jobs 2.0 for 2024 – Stakeholders
26 mins -
Parkinson’s disease no longer confined to the elderly – Public Health Physician, Dr Momodou Cham warns
31 mins -
Persons living with Parkinson’s disease appeal for support as they face stigmatization
45 mins -
36-year-old-trader sentenced for stealing employer’s money
48 mins -
9 signs you’re falling in love with someone who thoroughly enjoys emotional manipulation
54 mins -
Catholic Diocese of Keta Akatsi hosts Parkinson’s support group meeting
57 mins -
Wa Naa appeals to Akufo-Addo to audit state lands in Wa
1 hour -
5 secret ways people use ‘I love you’ as a form of manipulation
1 hour -
The most important question to ask yourself
2 hours -
Department of social welfare sensitises residents of Nabdam on child protection
2 hours