Jittery investors pushed gold past $3,000 an ounce for the first time as threats of a US trade war rattled markets and sent ...

The price of gold, by contrast, is up 12%, while the S&P 500 has gained around 1.7%. That dynamic marks a change from recent years, when shares of miners typically trailed the gold price.

Of course, appetite for the metal could take a hit if US inflation shows signs of returning to a cooling path, undercutting the case for a hedge against rising prices. A cessation of hostilities in ...