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Gold is outperforming stocks for the year as its war rally continues
By Joseph Adinolfi
MarketWatch, New York
Friday, October 27, 2023
It's official: Gold is outperforming the S&P 500 stock index in 2023 due to an October rally that has brought the price of an ounce of the yellow metal to the cusp of the $2,000 mark, a level it hasn't seen since May.
Metals traders attributed gold's gains to a surge in demand for hedges and safety plays following Hamas' Oct. 7 attack on Israel, which provoked a war between Israel and the group that is deemed a terrorist organization by the U.S. and European Union.
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"The brutal Hamas attack on Israel sent shock waves around the world -- and sent the price of gold soaring," said Brien Lundin, editor of Gold Newsletter, in a monthly outlook shared with MarketWatch. ...
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