Gold futures are the highest they've been in almost six months, spurred by widespread inflation.
The Wall Street Journal reported that the most actively traded gold futures rose 2.9% to $1,868.50 a troy ounce. These are the best weekly numbers seen in six months.
The cost of gold, which had been at a standstill for month, is rising amid weakening supply and heightened demand amid inflation all over the U.S.
Last month's 6.2% was the biggest 12-month increase since 1990.
While gold prices are down 10% from the $2,050 high seen in August 2020, the gain seen last week is expected to continue as inflation also shows no signs of slowing down.
Some analysts predict that the rising prices will attract new investors and eventually bring it up to $1,900 a troy ounce.
"We're really seeing investors say, 'Well, this inflation could be a little more sticky, so we do need to add precious metals,'" Chris Gaffney, president of world markets at TIAA Bank, told the WSJ.
His recommendation is to increase gold allocations toward near the top of the 5% to 10% range.
As a result of the rising prices, stock for the Denver-based Newmont Gold Corporation ( (NEM) - Get Newmont Goldcorp Corporation (NEM) Report) was up 0.41% to $58.97 while Toronto, Canada-based Barrick Gold ( (GOLD) - Get Barrick Gold Corporation Report) saw its shares rise 0.27% to C$26.13.
While the jumps are small, analysts predict stock rises to continue.
"Despite both U.S. rates and the dollar rising of late, gold seems to have found its stride and is focusing on the troubling inflation picture instead,” ED&F Man Capital Markets consultant Ed Meir wrote in a note to investors.