Last safe haven standing: Why is gold trading like the world is in a depression?

From India Times

Gold is behaving like the world is in an economic depression, hovering around record highs of more than $3,350 an ounce and attracting capital at an unprecedented pace as investors flee risk and dump traditional safe havens like US Treasuries.

The precious metal touched yet another all-time high this week, with spot prices breaching $3,357.40 per ounce on Wednesday before easing slightly to $3,338.81 by Thursday morning in Asia. U.S. gold futures stood firm at $3,351. The rally has pushed gold up more than 27% year-to-date, outpacing all major asset classes and rekindling comparisons to crisis-era hedging behaviour.