Gold futures surged to new all-time highs above $4,000 as investors flocked to the precious metal amidst a weakening dollar and expectations for more Fed rate cuts. Year-to-date, gold futures are up over 50%, the highest return since 1979. Global gold-backed ETFs saw record inflows of $26 billion in the last quarter, with North American funds leading. Wall Street remains bullish on gold, with Goldman Sachs calling it their “highest-conviction long recommendation.” JPMorgan analysts noted that pullbacks after Fed cuts are buying opportunities for gold. Questions over Fed independence and geopolitical risks continue to drive gold’s rally, with forecasts of hitting $5,000 per ounce within two quarters.

Read more at Yahoo Finance: Gold soars above $4,000 as ETFs see strongest quarter on record