$4,026.28 per ounce was gold’s spot price at 8:30 a.m. ET on July 1, up $11.72 from the same time Tuesday.
More than $680 of the gain has come over the past year, extending a rally that the report says has pushed gold up over 25% since the start of 2025.
The report ties that strength to persistent inflation and broader economic uncertainty, reinforcing gold’s role as a safe-haven store of value rather than a pure growth asset.
Stocks have still outperformed over the long run—averaging 10.7% annual returns from 1971 to 2024 versus gold’s 7.9%—but gold remains a diversification hedge when markets turn volatile.