It’s official: gold is officially outperforming the S&P 500 stock index in 2023 due to an October rally that has brought the price of an ounce of the yellow metal to the cusp of the $2,000 mark, a level it hasn’t seen since May.
As of Thursday’s close, the S&P 500 SPX had gained 7.8% since Jan. 1, while front-month gold futures have gained 9.2% during the same period, according to Dow Jones Market Data. By comparison, the S&P 500 is down 3.5% month-to-date as it heads for a third straight month in the red. If it finishes October in the red, it would mark the first time the large-cap index has fallen for three consecutive months since March 2020, FactSet data show.
As of Thursday’s close, the S&P 500 has fallen 9.8% from its 2023 closing high of 4588.96 from July 31. That leaves it just outside of correction territory, which is defined as a drop of 10% or more from a recent high.