“Go for gold” isn't just the prevailing sentiment among investors, as the world's reserve metal hovers near all-time highs - it's also the title of a new bull note from analysts at Goldman Sachs, where the investment bank called gold “our preferred hedge against geopolitical and financial risks.”
Gold's strong showing in 2024 can be attributed to various macroeconomic factors, including record central bank buying and consistently elevated geopolitical anxiety. December gold futures (GCZ24), the most active contract, are up 16.9% on a YTD basis, outperforming both the S&P 500 Index ($SPX) and the Nasdaq Composite ($NASX) on the year.
