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IPFS News Link • Gold and Silver

Gold is officially outperforming stocks in 2023 as October rally continues

• By Joseph Adinolfi

Metals traders attributed gold's gains to a surge in demand for hedges and safety plays following Hamas's 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.

"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.

As of Thursday's close, the S&P 500 SPX had gained 7.8% since Jan. 1, while front-month gold futures have gained 9.2% during the same period, according to Dow Jones Market Data.

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