Heading into the final weeks of the fourth quarter with 2024 looming, the levels of uncertainty in the markets remain at the front of investors and financial advisors’ minds. On top of that, there are many different angles in the marketplace today regarding the current and future outlook. As a result, many investors and advisors are pondering what lies ahead.
In the past, when there was this level of unpredictability and confusion surrounding the markets, many investors looked for an opportunity in safe-haven assets like gold. Gold has a longstanding reputation as an asset that holds its value during inflationary times. It also offers diversification benefits that can be useful in such conditions.
If the current cloud of uncertainty around the financial markets continues into 2024, one can expect investors to give gold another look. In this article, we will examine how the precious metal has performed thus far in 2023 and look at a physical gold ETF for investors to consider as they begin looking to 2024.
Gold’s 2023 Performance
According to Kitco, the precious metal started the year being valued at around $1,837 per ounce. It is now currently valued at $1,964, a nearly $130 jump in gold’s price. The precious metal reached a historical high of nearly $2,017 in May, according to Kitco, and nearly regained that level in October, which was a strong month for gold performance. It saw an increase in its price of more than 9% following several months spent in a generally downward trajectory. However, in October, gold and several gold-related ETFs outperformed the S&P 500 significantly.
On top of its growth this year, using data obtained from the Explorer platform, we can also see how much attention gold-related content has had on VettaFi’s digital properties. During the year, gold kept its title as the most engaged precious metal, with engagement increasing by nearly 2% during the second half of the year. Since the start of October, the precious metal rose nearly 13%.
See More: “Was October the Month of Gold?“