Gold has recently recorded its largest outperformance against the U.S. stock market in 14 years, with returns exceeding those of the S&P 500 for the fifth consecutive month in April. The yellow metal has surged by 34% compared to the U.S. share index over the past five months, marking its most significant increase over such a period since 2011. This also represents the lengthiest monthly streak of gold outperforming since 2009, fueled by ongoing geopolitical tensions and economic uncertainties surrounding President Donald Trump's trade tariffs. In April, the SPDR Gold Trust (NYSE: GLD), the world's biggest gold-backed ETF, saw a 5.4% rise, while the SPDR S&P 500 ETF Trust (NYSE: SPY) dropped by 0.9%. This resulted in gold outperforming by 6.4% in April alone. Despite this, gold has experienced some fluctuations at the end of April and the beginning of May.