Gold futures surged above $4,000 a troy ounce for the first time Tuesday, extending a yearlong rally driven by expectations of Federal Reserve rate cuts, a weaker dollar, and rising demand from central banks and investors seeking refuge from political and market uncertainty.
The benchmark December contract briefly touched $4,015 before easing slightly, putting gold up more than 50 percent since January. That is the biggest yearly gain since 1979. The metal has outperformed major stock indexes and nearly doubled the gains of technology shares, marking a broad move into hard assets as confidence in traditional hedges like the dollar and…
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