The price of gold rose to $4,000 Tuesday, the highest price has ever reached. File Photo by Anatoli Zhdanov/UPI | License Photo
Oct. 7 (UPI) -- The price of gold rose to $4,000 for the first time ever Tuesday, as investors seek more stability.
Gold futures traded at $4,006 around 11 a.m. EDT before dropping a bit and then recovering. The precious metal is up 50% for the year.
The U.S. dollar index has dropped 10%, and the rate of inflation is 2.9%, above the Federal Reserve's 2% target.
The Fed cut interest rates in September for the first time this year, making short-term debt instruments like Treasury bills less attractive and boosting gold, CNBC reported.
