Gold Caught In The Middle
Gold has pulled back from its January peak, with a maximum drawdown of 17.7% on a closing basis, but remains up over the past year compared to major equity indices. It has recovered somewhat, now sitting 11.8% below its 52-week high, which is only slightly deeper than the historical average drawdown of -9.9%. Despite recent volatility, gold continues to outperform the S&P 500, Russell 1,000 Value, and Russell 1,000 Growth over the trailing 12 months. The metal's performance reflects its ongoing role as a hedge amid uncertain market conditions.
- ▪Over the last year, gold has outperformed the S&P 500, Russell 1,000 Value, and Russell 1,000 Growth indices.
- ▪Front-month gold experienced a peak drawdown of 17.7% from its January high on a closing basis.
- ▪As of late April 2026, gold was 11.8% below its 52-week high.
- ▪The current drawdown is only slightly worse than the historical average of -9.9%.
- ▪Gold's recent price action reflects heightened volatility but sustained relative strength over the long term.
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