Inflation-adjusted gold price is still lower than its record high in history, and the precious metal is still at the early stage of a cycle, according to a report by the World Gold Council on Thursday.

The report said the current inflation-adjusted price is actually $200 lower than that of 2011, and far lower than the record high in 1980.

As per the report, current high uncertainty, low interest rate and soaring gold price might continue spurring investment demand of gold. "We are still at the early stage of a gold cycle," Wang Lixin, managing director of the World Gold Council in China, said.

On Monday, gold price reaches $1,944.68 per ounce, breaking previous high of $1,921.15 in September 2011.

WGC data show gold price in US dollars rose 17 percent year-on-year in the first half of 2020, buoyed by safe-haven buying amid growing concern about global economy under rising geopolitical risks and coronavirus pandemic threats.