There’s a lot to like about this year’s gold price surge, which has led to a huge price increase in the past few weeks.
The U.S. dollar is hovering around the same level as the previous high of $1,250.
But that’s been eclipsed by the gold price, which is now nearly 30 percent higher than it was on Nov. 20.
“The gold price was over $1k per ounce a couple weeks ago, but now it’s almost $3k per oz,” said Jason Epperson, chief executive officer at hedge fund J. Paul Getty Investments.
“That’s a very, very impressive rise in gold.”
The gold rally began when the Federal Reserve began its $85 billion bond-buying program, which began in early December.
But since then, the central bank has increased its purchases by $2.6 trillion and is expected to increase its bond-buy program by $1.8 trillion, according to data from Goldman Sachs.
Gold is still hovering around $1K a troy ounce.
But as the price of gold has risen and as other major currencies have also been on a rally, many investors have taken to buying more than their fair share.
In the past month, gold has surged from $1 a turd to $4.50.
In recent weeks, gold prices have also skyrocketed.
Gold futures for January delivery hit a new record high of around $2,300 a tuck, while gold futures for February delivery hit $2.,500, according of TradingView, a trading site that tracks the prices of gold.
For January delivery, the S&P 500 gold index has gained nearly 3 percent, or 2.7 percent, to 3,084.93.
Gold has gained in price in the United States and Canada.
Gold futures for November delivery are up around 10 percent, while for February deliveries are up just over 6 percent, according the International Gold Exchange, which tracks the gold market.
In London, the pound fell to $1.,241.63, from $2199.10 a pound on Thursday, before bouncing back above $2200 for the first time in nearly two months.
“If the Fed continues to push through its bond purchases, it’s going to have to buy a lot more gold, or at least that’s what we expect,” said Peter Smith, head of investment strategy at Smiths Group, in a statement.
“Gold is a fantastic asset, but we are seeing gold prices bounce and fall, and we are likely to see gold prices rebound and rise again.”
The U.K. government announced that it would not be buying more government bonds in the coming months as the government prepares to launch a fiscal tightening program.
Gold prices have rebounded slightly in the last week, but have not fully recovered from their lows reached on Nov, 20, according, to Goldman Sachs.
The S&s stocks index of U.N. gold prices is down just over 10 percent from a record high reached on Dec. 22.
The Dow Jones Industrial Average is up just 0.3 percent.