Gold prices are hot. At $2,023.70 an ounce—up 2.8% this past week—gold has about 2% to rise to hit its record high of $2,069.40, set in 2020. The yellow metal has gained 11% over the past month, and 24% from its recent November low, to flirt with the record.
Gold prices are typically driven by three factors. Gold is worth more in dollars when the greenback falls in value. Lower bond yields mean less competition for gold, which produces no income. And greater risk aversion makes gold more popular. Bond yields collapsed in March—the two-year U.S. Treasury note yield was at 3.8% on Tuesday, down from 5.1% at its early March peak. And bond yields abroad have held up better, weighing on the dollar.
Source: https://www.barrons.com/articles/gold-is-nearing-an-all-time-high-heres-why-37cd0ccb?siteid=yhoof2&yptr=yahoo