Gold prices will not set another record high today in the US—but only because the markets are closed for Good Friday. That seems to be the only way to cool off the commodity, which rose nearly $5 an ounce yesterday to close at a record $1,503.20, notes the Wall Street Journal. That beat the record set Wednesday, which beat the record set Tuesday, which ... you get the picture. With investors worried about the dollar, the yen, and the euro, gold has been rising for five straight weeks—a gain of nearly 6% this year.
"Gold has more than one hat right now," says a strategist at Lind-Waldock. "What people are seeing around the globe is that there's really nowhere to hide right now. When one camp cools down on buying gold, you are seeing another camp come in." One thing that could reverse the trend is a return to stable economic growth around the world, and investors apparently think that's a ways off. One London metals consultancy predicts gold will hit $1,600 an ounce by year's end. (More gold stories.)
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