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

Dion Rabouin, author of Markets
Sep 24, 2020 - Economy & Business

The stock market's not-enough tantrum

Illustration: Eniola Odetunde/Axios

The market looks like it may be throwing another tantrum, investors say. But the cause is different this time around.

What's happening: This selloff is beginning to look like the 2013 taper tantrum, which roiled markets as U.S. government yields rose in response to an expected reduction of the Fed's quantitative easing (QE) program.

Updated 30 mins ago - Politics & Policy

Supreme Court blocks Alabama curbside voting measure

Photo: Mark Wilson/Getty Images

The Supreme Court on Wednesday evening blocked a lower court order that would have allowed voters to cast ballots curbside at Alabama polling places on Election Day.

Whit it matters: With less than two weeks until Election Day, the justices voted 5-3 to reinstate the curbside voting ban and overturn a lower court judge's ruling designed to protect people with disabilities during the coronavirus pandemic.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Senate Democrats block vote on McConnell's targeted COVID relief bill McConnell urges White House not to strike stimulus deal before election.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: New York reports most COVID cases since MayStudies show drop in coronavirus death rate — The next wave is gaining steam.
  4. Education: Schools haven't become hotspots — San Francisco public schools likely won't reopen before the end of the year.
  5. World: Spain becomes first nation in Western Europe to exceed 1 million cases.