Gold is going nowhere. Dollar-priced bullion, a traditional haven for investors in times of turmoil, is lagging behind U.S. Treasuries. The metal is stuck at about $670 an ounce in London, up less than 1 percent since July 16, when stocks started to tumble.

It should be the best of times for investors in the metal. The dollar has weakened 3.4 percent against the euro this year. The Federal Reserve says inflation remains the “predominant risk” to the economy. Commodity prices, as measured by the UBS Bloomberg CMCI index, are heading for a sixth straight annual gain.

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