Gold prices reach unprecedented levels, eclipsed record high price set in September 2011

Spot gold traded up more than 2 percent at about $1,941.11 per ounce

Gold prices reached a new record as worries persist over coronavirus pandemic as well as U.S.-China tensions. Spot gold traded up more than 2 percent at about $1,941.11 per ounce after earlier trading as high as $1,943.9275 per ounce.

Those levels eclipsed the previous record high price set in September 2011.

Gold prices could surge beyond the $2,000 level this year as economic and geopolitical uncertainties lead to a rush for safer assets, analysts predicted.

Gold futures were also up 2 percent to $1,938.7.