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Gold prices hit record amid economic turmoil

Gold prices hit record amid economic turmoil
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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.

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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.