Inflation Hasn't Been This High Since 2023. Could Gold Be Due to Rise Higher This Year?
Gold has been a safe haven in the past, and with its price falling recently, it may be due for a rally.
Overview
The price of gold has been falling this year, and as of Thursday, it was looking in danger of falling below $4,000. That's a steep decline from the heights of more than $5,000 it reached earlier in the year. Investors have been pivoting away from gold, even amid the ongoing war in Iran and economic uncertainty.
The SPDR Gold Shares (NYSEMKT: GLD) is an exchange-traded fund (ETF) that tracks the price of gold, and its 12-month gains now sit at just 22%, looking relatively modest compared with earlier in the year when all the hype was around precious metals. The ETF is now down 27% from its highs.
Details
Given the recent inflation numbers, however, could it be due for a rally?
Source
Originally published at www.fool.com.