There’s a gold rush on Wall Street
CNN
Gold prices surged to a record high on Monday, as investors bet that the Federal Reserve will cut rates in the back half of the year.
Goldbugs are rejoicing as their favorite precious metal continues to reach new heights. The price of gold rose on Tuesday to settle at $2,141.90 a troy ounce, notching another record high as investors continue to bet the Federal Reserve will cut rates in the back half of the year. Gold is considered to be one of the most resilient investments. When interest rates fall, holding income-paying assets (like bonds) becomes less appealing than owning the precious metal. However, some investors also believe gold to be a hedge against inflation, wagering that it will hold its value even if it begins to surge. It’s not just traders trying to get in on the gold rush. Costco started selling gold bars last September and sold more than $100 million during its fiscal first quarter of 2024. The precious metal tends to be popular during times of global economic unease, since it’s a tangible asset and less risky than stocks. The Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, rose 2.4% for the 12 months ended in January. That’s a cooldown from December’s 2.6% increase and in line with economists’ expectations, according to Commerce Department data released last week. On a monthly basis, the core PCE price index that strips out the more volatile food and energy categories rose 0.4%. And while the rise was in line with projections, the index, which Fed officials view as a crucial gauge of underlying inflation, rose at the fastest monthly pace since February 2023.
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