Spot gold prices climbed to a new high of $3,985 per troy ounce, while gold futures maturing in December gained 0.8% to rise to $4,008.
Gold prices continued to climb on Tuesday, surging to a new record high as the U.S. government shutdown entered its seventh day. Gold futures also surged, crossing $4,000 for the first time.
Spot gold prices climbed to a new high of $3,985 per troy ounce, surging by 0.6% before paring some of the gains. Gold futures maturing in December gained 0.8% to rise to $4,008, before paring some of the gains.
Bridgewater Associates founder Ray Dalio reportedly recommended that investors increase their allocation for gold in their portfolios. “It’s very much like the early ’70s…where do you put your money in?” Dalio asked, according to a CNBC report, adding that debt instruments are not an “effective storehold of wealth” due to the current supplies.
“Gold is a very excellent diversifier in the portfolio. If you look at it just from a strategic asset allocation perspective, you would probably have something like 15% of your portfolio in gold … because it is one asset that does very well when the typical parts of the portfolio go down,” Dalio said Tuesday at the Greenwich Economic Forum in Greenwich, Connecticut.
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