$1,931: Gold closes at record high

Wall Street is in the throes of a gold rush, as investors drive the price of the precious metal to new heights.

Gold has been the best investment of the year so far. The price of the precious metal has climbed nearly 27% this year, towering over the roughly 1% return of big U.S. stocks.

After topping $1,800 per ounce in 2011, it’s taken nearly a decade for gold to surpass that level. Gold closed Monday at a record $1,931 an ounce after briefly climbing to $1,941.90 an ounce. Analysts at BofA Global Research say gold could reach $3,000 per ounce.

Several factors are pushing gold higher: Pandemic concerns, worries over tensions between the U.S. and China, and fears of runaway inflation. Uncertainty over the outcome of the elections in November may also be a factor.

Meanwhile, the stock market’s sharp rebound since March is making stocks look expensive relative to earnings. That’s likely making an asset like gold more attractive even as stocks continue to rally, said Sam Stovall, chief investment strategist at CFRA.

“There are many bricks in this wall of worry,” Stovall said.