The price of gold keeps climbing to unprecedented heights. Here's why

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The rush for gold just keeps coming

NEW YORK — The rush for gold just keeps coming.

Gold hit another all time high this week. Recent gains for the precious metal are largely credited to ongoing economic uncertainty, geopolitical tensions and strong demand from central banks around the world.

If trends continue, analysts have bullish outlooks on the price of gold for the months ahead. But the future is never promised. Here's what you need to know.

The New York spot price of gold closed Tuesday at just over $2,657 per Troy ounce — the standard for measuring precious metals, which is equivalent to 31 grams — the highest recorded to date, per FactSet. That would make a gold bar or brick weighing 400 Troy ounces worth more than $1.06 million today.

This week's record high means that the price of gold has climbed hundreds of dollars per Troy ounce over the last year. Tuesday's price is up nearly $145 from a month ago and more than $740 from this time in 2023.

The price of gold is up nearly 30% year to date, analysts note — outpacing the benchmark S&P 500's roughly 20% gain since the start of 2024.

There are a few factors behind the recent gains.

Interest in buying gold often comes at times of uncertainty — with potential concerns around inflation and the strength of the U.S. dollar, for example, causing some to look for alternative places to park their money. Gold also surged in the early days of the COVID-19 pandemic.

Among sources of uncertainty today are geopolitical tensions — which escalated over recent days with Israel's deadly strikes in Lebanon. And the ongoing wars in Gaza and Ukraine have continued to fuel fears about the future worldwide.

In markets like the U.S., there's also particular concern about the health