Gold has crossed levels not seen for a long time (trading above $3,800/oz in recent days), driven by a combination of expectations of US rate cuts, a weakening dollar, and growing concerns about fiscal stability (e.g., the risk of a partial budget shutdown). Inflows into gold ETFs and rising hedge fund positions have increased demand pressure.
This means that investors treat gold both as a hedge against inflation and as a “safe haven” in the face of growing political risks. Silver is also doing well, often outperforming gold in percentage terms in short periods, which attracts speculators and commodity investors.
Practical recommendation: if you want to hedge your portfolio against macro risks, consider allocating to gold (physical, ETFs) as part of a multi-asset strategy; However, pay attention to the high short-term volatility.