The price of gold futures touched a new high above $1,850 overnight as panicked investors sold off shares heavily across the globe on growth fears.
The precious metal broke through previous records, with futures trading higher than $1,850, having jumped 1.5% yesterday.
This morning it was trading at about $1,851 per troy ounce, well above the previous high of $1,800 seen last week.
The price of bullion itself hit a high of $1,825 while US markets were trading, before pulling back marginally to close at $1,823.
Investors have flocked to safe havens including gold and government bonds as policymakers continue to flounder in Europe over how to tackle the numerous crises raging across the Continent.
Markets sold off again sharply yesterday as new data from the US showed growth is drying up once more in the world's largest economy.
A shock manufacturing figure sparked the sell-off in the US, with banks the biggest losers on the day across most countries.
Meanwhile the yields on US treasuries and gilts hit new lows as investors piled out of equities.
Gold has now risen almost 30% this year alone, from a starting point in January of $1,419.
