Gold prices hit record amid economic turmoil

Gold, a commodity that often flourishes in economically uncertain times, set a record Monday.

The precious metal rose as high as $1,943 an ounce, above the roughly $1,923 level it set in September 2011.

Spikes in gold prices often occur when investors leave other assets behind for a safer investment that is considered to have inherent value. Its best days often coincide with tougher days for the market.

Meanwhile, stocks inched up, with the Dow Jones Industrial Average closing up 165 points, or 0.44 percent, and the S&P 500 increasing 24 points, or 0.7 percent.

A steadying off in new COVID-19 cases in hard-hit areas, along with the government’s announcement that it would pump $472 million toward Moderna’s vaccine development, helped buoy stock markets.

Republicans in Congress also moved closer to unveiling their draft COVID-19 legislation, which markets see as crucial for propping up the economy as the pandemic rages on.

Updated at 9:56 a.m.