Gold prices have reached record highs in 2024, defying typical behavior during U.S. presidential election years.

According to the World Gold Council, while elections historically have not directly impacted gold performance, the current political climate of increased polarization and elevated geopolitical risks may be encouraging investors to seek gold as a hedge against portfolio risk.

This unique environment has contributed to gold’s strong performance, with prices up 16% year-to-date and reaching an all-time intraday high of $2,488.40 on July 17.