Looking ahead, market and economic factors could contribute to safe haven demand for gold. For instance, rate hikes, central bank monetary policies and geopolitical risks can add to uncertainty.

Gold may be past its peak supply as exploration budgets have collapsed. Gold miners are also finding fewer large deposits, which have further weighed on the supply outlook.

“The yellow metal, considered a safe-haven asset, is trading around $1,310 and has been flat this year. Even when the Feb. 2 correction gripped the stock market, it failed to rally in the weeks that followed,” reports CNBC.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.