Another record high for gold at $2,639.95, now up 44% year over year

 Gold prices surged to a record high on Tuesday as a cocktail of factors, from hopes of further U.S. rate cuts and China stimulus measures to elevated Middle East tensions, lifted demand.

Spot gold steadied at $2,625.25 per ounce after hitting a record high of $2,639.95 earlier in the day.

U.S. gold futures were flat at $2,651.30.

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One year ago gold was ~$1,825.

And updated 39 minutes ago lol:

Spot gold was up 1.1% to $2,656.38 per ounce after earlier hitting a record of $2,654.96. U.S. gold futures gained 1% to $2,680.00.

The price of real money

 Gold prices hovered near record highs on Wednesday, steered by hopes of U.S. interest rate reduction and persistent Middle East tensions, while the spotlight shifted to U.S. inflation data. Spot gold was up 0.2% to $2,469.35 per ounce, shy of the record high of $2,483.60 scaled last month. U.S. gold futures steadied at $2,508.40.

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The gold price averaged $612.56 in 1980 according to Kitco. Adjusted for CPI inflation that would be about $2,327.10 in June 2024. So . . . gold is holding its value . . . relative to the high prices of 1980.

But there were more opportune times to buy gold than now.

See an inflation-adjusted price chart here.