The price of gold rose to a new all-time high above $2,162 per oz ($69,500 per kg) on Thursday.
Its new nominal record high comes with what is set to be a seventh consecutive day of gains as investors buy the precious metal that has traditionally been a safe haven purchase in troubled times.
Along with gold, bitcoin has also been on the up and reaching all-time highs this week.
For both assets, analysts noted that they are still below their all-time highs in real terms, with gold prices having topped $1,900 per oz in September 2011, since which time US inflation has risen by over a third.
"So in today’s prices that would be above $2,500," said analysts at Deutsche Bank. "Moreover, there was an even higher real-terms peak for gold back in 1980."
Similarly, for bitcoin, consumer prices are up by over 10% since the previous November 2021 peak, so in real terms that would be above $75,000 in today’s prices.
Aiding gold's ascent has been geopolitical and macro risks, the bank said, while there has been pressure on the US dollar from expected interest rate cuts.
Federal Reserve chair Jerome Powell today ended his two-day testimony to Congress by saying that if the US economy does as expected the Fed will consider "carefully removing" its restrictive stance.
Silver prices, while not yet at record levels, have tracked gold higher.