Gold prices reach $4,000 per ounce for the first time
(NBC, KYMA) - The price of gold has reached an all-time high.
According to a CNBC report, gold futures crossed the $4,000 per ounce mark Tuesday, and investors seek a safe haven from a weaker dollar, geopolitical and economic uncertainty, and stubborn inflation.
The price has jumped more than 50% this year alone, as the U.S. Dollar Index has dropped by about 10%.
Gold prices also saw a bump after the fed cut interest rates last month, making short-term debt instruments like treasury bills less attractive to investors.
But beware, Bank of America has warned its clients to be cautious of gold in light of the latest jump in prices, saying "a consolidation or correction" is fourth quarter is possible.
