Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
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.
- Meanwhile, the price of silver jumped to its highest in almost seven years on Tuesday before falling Thursday and Friday.