April’s chaotic policy shifts—triggered by sweeping but inconsistent U.S. tariffs announcements—spurred intense market turbulence, prompting investors to seek shelter in traditional safe havens. Gold, initially hit by panic-driven selling, quickly rebounded and gained 5.3% over the month of April, reaching intraday highs of $3,500 per ounce. In contrast, the S&P 500 declined, and the U.S. dollar weakened.
Over the year so far, gold surged 25%, and investors are wondering if they missed an opportunity.
“Investment demand remains well below prior peaks,” explains Imaru Casanova, Portfolio Manager at VanEck. “Given the strength of gold’s recent rally, a short-term pullback is neither unexpected nor concerning. In fact, gold could be in the process of forming a new, higher base.”
Read the full assessment here.
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