While western investors have been buying, demand in Asia has plummeted, with some people even selling gold.
Spot gold wasat $1818.53 per oz after earlier hitting a high of $1820.06.
Spot gold rose $24.50 to $1,840.40 an ounce, its highest level since September 9, 2011, while silver gained $1.34, hitting a more than 6-year high of $21.46 an ounce.
Spot gold is one of this year's best performing assets, with prices up nearly 20%.
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A weaker dollar also supported gold prices. The first took place from the March lows into the mid-April highs; after which Gold prices built into a range that lasted for much of the next two months.
The yellow metal gained after European Union leaders agreed on a stimulus package to revive the economy, while US Congress will discuss a new aid package this week.
Gold is finding support from discussions about new fiscal stimulus, UBS analyst Giovanni Staunov told Reuters.
Gold tends to benefit from widespread stimulus measures from central banks as these typically stoke inflation and the metal is widely viewed as a hedge against rising prices and currency debasement.
"Nominal gold prices have already posted fresh records in every other G10 (Group of Ten) and major emerging market currency this year", the Citigroup analysts said.
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Projections for average silver prices rose to US$17.50 an ounce for 2020 and US$20.03 for 2021, up from US$16.56 and US$17.87, respectively in April's poll.
Gold and silver slipped in early trade on Monday as traders booked profit at higher levels but the losses were capped due to worries over fast spreading coronavirus pandemic across the country.
"Silver has been a misunderstood component of the reopening because the industrial part that held it back for months is now in its back, propelling it forward", Gero said, noting he sees the metal's price climbing to as high as $22 by year-end and the gold/silver ratio falling to around 80.
Palladium fell 0.2% to $2,050.55 per ounce, while platinum rose 0.1% to $844.40 and silver gained 0.3% to $19.89.
The metal, used in manufactured products ranging from solar panels to electronics, is receiving an added boost from supply concerns and bets on a rebound in industrial demand on top of the monetary policies that have helped to lift gold.
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