Gold, typically seen as a haven in periods of economic turmoil, especially as a hedge against inflation, has risen sharply in price over the past month, even as the outlook for the economy has improved and inflation, although still elevated, is well below recent highs.
The precious metal has set a series of record highs as it surged roughly $300, to $2,350 per troy ounce, since the start of March.
The move has been attributed, at least in part, to a burst of gold buying from central banks around the world, including China.
But investors said that central bank purchases did not fully explain such a sudden price increase.
“It’s perplexing to anybody in the gold market,” said Chris Mancini, a gold portfolio manager at Gabelli Funds.
Persons:
”, Chris Mancini
Organizations:
Gabelli Funds
Locations:
China