Whether gold prices rise or fall next year, one thing is clear: The precious metal isn't going anywhere as a portfolio staple. Mathieukor/Getty Images

Gold prices spiked in October, reaching a new record high of over $4,300 per ounce . And while they've declined slightly since that point, the yellow metal is still selling at significantly higher prices than just a few years ago.

In fact, as of late November, the gold price per ounce was over $4,100. In November 2023, it was barely above $2,000.

"Gold prices have been experiencing one of the steadiest two-year uptrends ever," says Jim Wiederhold, commodity indices product manager at Bloomberg Professional Services.

The reasons for the surge are many, including rising inflation and economic uncertainty, as well as large p

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