Gold leaps above 1,800 for the first time since 2011 as traders pile into the popular safe haven

Get the Full StoryGold rallied above 1,800 per ounce on Tuesday afternoon for the first time in nearly nine years as virus-fearing investors rushed to safe havens, and traded above that level Wednesday morning.

Year-to-date inflows for gold-tracking ETFs reached 655.6 tons on Wednesday, according to Bloomberg, overtaking full-year inflows seen in 2009.

Goldman Sachs sees the precious metal leaping even higher. The bank set a 12-month price target of 2,000 for gold on June 19, noting that investment demand will likely continue to grow even as the economy recovers.

Watch gold trade live here.

Gold spot prices broke above 1,800 per ounce on Tuesday afternoon for the first time since 2011, bolstered by record inflows and widespread risk-off attitudes. The precious metal continued trading above that level Wednesday morning.

Safe havens are enjoying their time in the sun as the stock market's run-up slows. Spiking coronavirus case counts have fueled new concerns of a second plunge for risk asset prices. Federal Reserve officials warn the virus' resurgence could freeze an economic recovery, and the Organization for Economic Co-operation and Development recently referred to the pandemic's labor market damage as "far worse" than during the financial crisis.See the rest of the story at Business InsiderNOW WATCH: What it's like inside North Korea's controversial restaurant chainSee Also:Warren Buffett's Berkshire Hathaway struck a 10 billion deal to buy Dominion Energy's natural gas business. Here's why the energy giant sold.GOLDMAN SACHS: Buy these 13 stocks that are poised to crush the market within the next 2 weeks as earnings season gets underwayTop US manufacturing index jumped the most since 1980 in June as reopenings spurred growth

Share: