The push into safer investments lifted US gold futures briefly above $1,500 per ounce on Wednesday for the first time in more than six years.
US Treasury yields, which move opposite price, collapsed to levels unseen since just before President Donald Trump's 2016 election.
Searching for safe places to put their money, investors have flocked to gold, which tends to do well during times of uncertainty.
"There is clearly some safe haven bid for gold," Win Thin, global head of currency strategy at Brown Brothers Harriman, told CNN Business. "But it's certainly not coming from the inflation hedge angle."