Gold reached an all-time high of $2,195 per ounce, recording gains of more than 5% since the beginning of 2024. Gold's rise is fueled by "tremendous" demand from Chinese investors seeking to hedge against potential economic instability.
Geopolitical concerns, including Israel's war on Gaza, as well as Russia and Ukraine, along with the impending presidential elections last November, add to the list of uncertainties driving investors to turn to gold. The attractiveness of the precious metal as an investment is due to its centuries-old history of retaining its value during periods of inflation.