The record was reached during trading on Tuesday.
The price of gold reached a new high of $2,288.43 per ounce on the Philadelphia Gold and Silver Index (XAU) on Tuesday, April 2.
In today’s session, it continues to fall 0.38% to $2,272, having closed yesterday at $2,280.
The search for safe haven assets comes at a time when several members of the US Federal Reserve have gone public to warn that stickier-than-expected inflation and the strength of the labor market could postpone interest rate cuts in the US.
The earthquake in Taiwan, one of the world’s largest semiconductor producers, with a tsunami warning in Japan, also helps fuel the appetite for safe-haven assets.
Despite the skyrocketing price, there are experts who advise limiting the weight of gold to 10% in your portfolio.
“Gold is seen as a safe-haven asset, a raw material that has had value in the long term. However, this metal can be volatile in the short term. Given this volatility, the price of gold has a lower long-term performance compared to stocks. Consequently, traditional wisdom recommends holding no more than 10% gold in your portfolio as part of a balanced portfolio,” according to “Moneywatch” on “CBS News.”
