It hasn’t been a good month—or even a good year—for gold. A generally robust US stock market has kept investors away from the precious metal, whose price has steadily fallen over the past six years.
Now, as U.S. and international stocks continue to plummet, the traditional haven asset is beginning to regain some of its old glimmer.
Gold surged today (Oct. 11) to its highest price in more than two months. It’s up 2.91% to $1,223.92 per troy ounce, with silver up a slightly more modest 2.31%. That’s par for the course, reports Forbes: When stocks tank, precious metals tend to look better to investors.
Gold prices may be up, but they’re still more than 11% down from six months ago. Yet Michael Armbruster, managing partner at Altavest, tells MarketWatch he expects more upside: “Gold is a natural safe haven and has been very out of favor for a while. I think we could see a rally to $1,300 at some point before year end.”