Investors have moved cash into the precious metal as Covid-19 cases rise in the US and more money is pumped into the global economy.
The record high gold price has also been driven by concerns over tensions between Washington and Beijing.
Prices of other precious metals, including silver, have also risen sharply since the start of this year.
The price of gold has increased by more than 30% this year as coronavirus cases continue to rise in America, causing dozens of states to halt or reverse their plans to reopen.
The rapid rise in cases, which has dented hopes of a swift US economic recovery, has also helped to drive up the price of silver by around a third this year.