Gold prices have soared to a record high, with investors rushing to find safe places to park their money as concerns grow about a resurgence in the Coronavirus and the impact that could have on the global economy.

Gold crossed $2,000 per ounce on August 4th beating its previous record of $1,921 in 2011. 

It has now gained over 27% so far this year. 

Silver also got a boost, climbing more than 6% to reach $26 an ounce, eclipsing Thursday’s seven-year high.

Furthermore, analysts at UBS were expecting gold to reach $2,000 before the end of the year, driven higher by low US interest rates, a weaker dollar, and tension between the United States and China.

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