Gold topped $2,800 an ounce for the first time ever on Wednesday, but one analyst warned that the upward movement for prices may be “limited” going forward as strength in Treasury bond yields is a reminder to investors of the high opportunity cost of the non-yielding precious metal.

For early investors, this year's meteoric rise in gold prices has led to impressive returns. Those who bought gold at the $2,160 price point in March have already enjoyed substantial gains and even recent investors who entered the market at slightly higher levels have benefitted from the upward trend.

Gold prices surge past $2750 per ounce on record inflows into gold funds. Gold ETFs saw a massive $3 billion investment last week, the second-largest increase ever.