Current market conditions could spur the price of gold to a new record of $4,000 or more. Chuyko Sergey/Sergei Chuyko/Getty Images

The price of gold has risen significantly this year, following a remarkable surge from just the start of 2024 . At that point, the price of gold per ounce was just $2,063.73. But as of Wednesday, the cost for the same amount of gold was a staggering $3,678.26. That's up almost 80% in just over 18 months, approximately.

And the price surge may not even be over. After moving past $3,600 per ounce earlier this month – the latest in a series of record-breaking movements – there's a strong possibility that the price could soon break the $4,000 mark . While this could be good for investors who already have a portion of gold in their portfolio, it

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