By and Updated July 24, 2020 2:20 pm ET

Gold prices rose to a new closing record for the first time since 2011, extending a summer surge fueled by nervous investors adding bullion to their portfolios as the coronavirus muddies the global economic outlook.

Most actively traded gold futures, for delivery next month, rallied 0.4% to $1,897.50 a troy ounce, climbing for the sixth consecutive session and eclipsing their August 2011 peak of $1,891.90. Gold came close to topping the high on Thursday and has risen steadily since the end of 2018, spurred by trade tensions and the pandemic pushing investors toward safer assets.

The coronavirus has ignited a global gold rush, with physical traders around the world trying to get their hands on more metal and individuals around the world ordering bars and coins. Even as stocks rally, many investors remain nervous about the pandemic and a host of geopolitical concerns ranging from the relationship between the U.S. and China to November’s U.S. presidential election.

“It’s a special time for precious metals where every factor seems to be moving in their favor,” said Tai Wong, head of base and precious-metals derivatives trading at Bank of Montreal. “The market is uniformly bullish.” He has been a metals trader for about 15 years and only remembers this much excitement in the sector following the financial crisis.

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