Gold prices rocketed to a new record high on Wednesday after smashing past $2,000 for the first time, as a weaker dollar and falling returns on U.S. bonds drove investors to hoard the safe-haven metal.

Gold has soared 34% this year and is one of 2020’s best performing assets, with investors buying vast amounts in the hope it will hold its value as the coronavirus pandemic upends markets.

Breaking above $2,000 for the first time on Tuesday and hitting a new high of $2,055.10 an ounce earlier on Wednesday, spot gold was up 1% at $2,037.81 by 12:33 am.