The prospect of gold at $US2000 an ounce stands to light up an otherwise forgettable profit season where gold miners riding record commodity prices and increased production are poised to deliver a rare combination of earnings growth and dividend surprises.

The spot price of the precious metal touched a fresh high of $US1981.26 an ounce on Tuesday after soaring more than 2 per cent, before settling 0.3 per cent lower at $US1938. Investors have chased the safety of gold amid fears global markets may be vulnerable to another COVID-19 collapse.