Gold price soars to record high amid COVID-19 pandemic

The price of gold has hit an all-time high. The spot price of gold reached a record of $1,944.71 an ounce, well above its previous high in 2011. It later pulled back slightly. Gold traditionally surges in times of turmoil. In this case, the economic impact of the COVID-19 pandemic and US-China tensions are sending investors to this safe haven.