Swiss gold bars in Paris in February. Photo: Joel Saget/AFP via Getty Images

The price of gold surpassed its 2011 peak of $1,891.90 per ounce this week, with bullion hitting $1,902.02 at the close of trading in New York on Friday, Bloomberg reports.

Why it matters: The coronavirus pandemic and increased tensions between the U.S and China are fueling demand for safer assets, according to Bloomberg.

The big picture: Though stocks have recently rallied, some investors remain concerned that state lockdowns and unprecedented federal stimulus packages could further disrupt the economy and spur inflation amid sluggish growth, boosting the value of precious metals.

Go deeper

Inflation rising fast after second-quarter collapse

Data: Investing.com; Chart: Axios Visuals

The consumer price index rose 0.6% last month for the second straight time, with gasoline accounting for a quarter of the gain. Core CPI, which strips out food and energy prices, jumped by 0.6%, marking the biggest gain since January 1991.

Why it matters: The back-to-back CPI increases combined with Tuesday's bounce back producer price index reading, suggest inflation is far from dead.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 20,755,406 — Total deaths: 752,225— Total recoveries: 12,917,934Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 5,246,760 — Total deaths: 167,052 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.