Gold soars to all-time high as dollar dive boosts safety rush

Meanwhile, COVID-19 cases surged to over 16.13 million globally, driving expectations of more stimulus to stem the economic blow.

"As long as the (virus) situation gets worse, the market is discounting more stimulus for a longer period of time and in bigger quantities," said Edward Meir, analyst at ED&F Man Capital Markets.

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Non-yielding gold is considered a hedge against inflation and currency debasement, with analysts also pointing to massive inflows into gold-backed exchange traded funds as a driver behind its 28% rally in 2020.

However, "strong developments" on the COVID-19 vaccine front and an easing of Sino-U.S. tensions could prompt a correction, ANZ's Kumari said.

Platinum rose 2.1% to $933.07 and palladium gained 1.4% to $2,250.47.