NEW YORK: Gold extended its record-breaking run on Thursday, driven by expectations of more monetary response as surging virus cases continue to pummel the US economy. Spot gold hit an all-time high of $2,069.21 per ounce and was up 0.8% at $2,055.87 at 2:10 p.m. EDT (1810 GMT). US gold futures settled 1% higher at $2,069.40.

"There are mixed signals that the economy is recovering and some of the signs of recovery are relatively superficial as they show aggregate figures and not how medium and small enterprises continue to suffer," said Jeffrey Christian, managing partner of CPM Group. Gold has rallied more than 35% this year as it is considered an asset that should hold its value while the pandemic and money printing by central banks erode the value of others.

Silver prices jumped 4.6% to $28.26 per ounce, having hit a more than seven-year peak of $28.42, helped by a combination of investment and industrial demand. Platinum rose 1.5% to $981.53 per ounce and palladium climbed 1.6% to $2,216.06.