The price of gold has hit a new record as its edged toward $1,900 an ounce.

The cost of the precious metal reached nearly $1,898.60 in New York trading Monday before retreating a bit. The price of gold has jumped 15 percent in the first three weeks of August as investors view its purchase as a safe haven from the daily volatility of trading stocks on world markets.

Some investors view ownership of gold as a way to protect their wealth against the sharp swings in stock values that have occurred in recent days at major stock exchanges. Analysts say investors are particularly concerned about the burgeoning debt contagion among European governments and worries about the sluggish economic recovery in the United States.

Some analysts think the price of gold could reach $2,000 an ounce by the end of the year. But others warn that the price has reached such a high point that some investors may soon take their profits and sell their holdings, which could lead to a drop in its price.