Gold soars to a fresh record following its historic move past $2,000, driven by geopolitical tensions and a weak dollar

Gold soars to a fresh record following its historic move past $2,000, driven by geopolitical tensions and a weak dollar

Gold prices reached new record highs on Wednesday as geopolitical uncertainty and dollar weakness continued to drive bullish sentiment into the precious metal. 

Gold closed at its highest level ever of $2018.51 per ounce on Tuesday as investors expected more fiscal stimulus, and continued to gain Wednesday, hitting a peak of $2,048 during European trade.

Many analysts see gold prices surging further.

"The path of the least resistance for gold is still skewed to the upside and there is enough momentum that can push the gold price toward $2,500," one wrote Wednesday.

Visit Business Insider's homepage for more stories.

Gold is continuing its rally which took the precious metal to break $2,000 per ounce the first time in history on Tuesday, as a mix of uncertain geopolitics and a plummeting dollar is continuing to help