Price of gold hits all-time record, exceeding US$2,000 per troy ounce

The gold bugs have reason to celebrate.

That's because their preferred precious metal has reached an all-time high, surpassing US$2,000 per troy ounce.

Chaotic events this year—including a pandemic that's forced governments to run huge deficits—have driven up the price of gold by more than 32 percent this year.

Rising trade tension between the Trump administration and the People's Republic of China is also having an impact, as did yesterday's massive explosion in Beirut.

Gold is trading in the US$2,050 range per troy ounce.

Its poor sister, silver, has also experienced a stunning increase, reaching US$27.04.

The rising price of gold has been a boon for some mining companies.

Newmont Corporation, for instance, has seen its share price rise 68.4 percent this year. It's now trading at $94.54 in Toronto.

Kinross Gold Corporation shares have shot up 116.5 percent this year, trading now at $13.39 in Toronto.

Investors in another large producer, Barrick Gold, have also fared exceptionally well. Its stock is up 67.6 percent this year to $40.40 in Toronto.