Gold prices hold steady, year-to-date gains higher than stocks and cryptocurrencies

A major US bank recommends investors buy gold, highlighting the trend of net gold purchases by central banks and the high profitability of this precious metal this year...

According to senior strategist Peter A. Grant of Zaner Metals, the dovish signal from Fed Chairman Jerome Powell's speech on Friday and the need to hedge against risks due to geopolitical instability in the Middle East are factors that are encouraging investors to hold gold.#btc

In a newly released report, Bank of America (BOA) said that gold is the best-performing asset this year, with a year-to-date gain of about 20%. This increase of gold exceeds the increase of 17.7% of cryptocurrencies; 15.4% of US stocks; 1.9% of basic commodity prices in general; 0.6% of government bonds; and 0.2% of the US dollar.