Amid geopolitical tensions and central banks’ purchases, the S&P GSCI Gold index’s 26.6% return in 2024 topped selected equity and bond indexes. That includes outpacing the S&P 500 by about 160 basis points. It produced substantially better returns than other equity and bond indexes.
Gold returns top equities, bonds last year
The gold index generated an annualized 7.4% return over 10 years. Only the S&P 500 performed better with a 13.1% return. When taking into account volatility, the S&P GSCI Gold produced the second-highest risk-adjusted return.
Over the past 10 years, the gold index’s total return has ranged from -10.9% in 2015 to 26.6% last year. Four years had negative returns, most recently in 2021 and 2022.
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