The price of gold has topped $2,000 (£1,527) an ounce for the first time in history, as investors look to move cash into gold amid increased concerns over the global economy and geo-political tensions.
The price of gold first hit a “record” high last week, when its price was bumped to $1,943 (£1,513) amid increasing tensions in the US and China trade row.
The price rise of 2.2% saw gold overtake its previous record that was recorded in the wake of Black Monday in September 2011.
The latest record price was again largely driven by concerns over tensions between Washington and Beijing, particularly after Chinese authorities overtook the US consulate in Chengdu in response to Washington’s order to shut the Chinese consulate in Houston.
According to The Times, the price of silver has seen a similar boost in recent months, with the two precious metals among the “best-performing asset classes in the world this year”.
The price of gold increased by more than 30% this year, which analysts have also attributed to the rising Covid-19 cases across the US, while the price of silver also rose by around a third.