T.Rowe Price's Ritu Vohora: Safe assets behaving badly

'Puzzling time' for investors

clock • 4 min read

Safe-haven assets, traditionally viewed as stable investments amid economic turmoil, are undergoing a historic transformation.

Gold has seen an unprecedented surge despite higher bond yields, defying typical correlations. US Treasuries and the US dollar - normally the go-to choices for stability in risk-off environments - are also not behaving as expected. Treasury yields are elevated and remain incredibly volatile, while the dollar has declined. It is a puzzling time for investors. Traditional relationships between asset classes are breaking down. Gold price hits 25 record highs in 2025 so far This divergence signals a recalibration of financial dynamics driven by geopolitical realignments, fiscal and ...

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