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Fortune
Fortune
Jason Ma

Wall Street sees gold nearing $3,000 after soaring more than 20% this year

Gold US Federal Reserve United States Stock Market
hands holding gold bars (Credit: SeongJoon Cho—Bloomberg via Getty Images)

Gold has outperformed the broader U.S. stock market this year, and Wall Street is turning more bullish on the precious metal as the Federal Reserve gets closer to rate cuts.

Bullion has jumped about 21% in 2024, while the S&P 500 has climbed 16%. On Friday, gold shot up as much as 2.2% to a fresh record high, exceeding $2,500 per ounce.

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