Gold prices notched another fresh record this week as more investors piled into the metal amid economic uncertainty and rising bets for a Federal Reserve rate cut.
So far this year, bullion has gained about 35% as of Friday’s close. Spot gold is now near $3,600 an ounce.
“Without a doubt, gold has been trending higher, and it’s getting a lot of attention from investors,” said Blair duQuesnay, a chartered financial analyst and certified financial planner, who is also an investment advisor at Ritholtz Wealth Management.
Investors regard gold as protective against “bad economic times,” according to research by the Federal Reserve Bank of Chicago. As a safe-haven investment, gold tends to perform well in low-interest-rate environments and during periods of political and financial uncertainty.
“Gold checks all of those boxes,” said Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute.
