Gold has climbed above $4,000 a troy ounce for the first time, capping a dizzying rally as investors worried about inflation and soaring debt levels pile into the precious metal.
Gold prices have surged more than 50 per cent this year to $4,001 on Tuesday, and have now doubled in less than two years. The historic gains have been driven by central banks buying bullion to diversify away from the dollar, as well as by investors who see gold as a hedge against uncertainty.
Hedge fund billionaire Ray Dalio said on Tuesday gold was a safer alternative to the dollar, calling it an “excellent diversifier” for portfolios.
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