Everywhere, it seems, the world has been steeped in turbulence and strife, and that might seem to be the perfect setting for a major rally in gold, long considered an investment haven.

But the price of gold lately has been surprisingly stable. Despite a surge in June, the price has been largely confined to a range of $1,150 to $1,350 an ounce. And though gold ascended to close the second quarter just over $1,400 an ounce, it was still almost $500 an ounce lower than its peak closing price, reached in 2011.

That may be because of the relative strength of the dollar and of the stock market, which have limited gold’s appeal, market strategists say, but that could easily change and gold may well have its day once again.

During the long bull market that started a decade ago, however, mutual funds and exchange-traded funds that invest in gold operations have generally been laggards. And many precious metals equity mutual funds have actually lost money for investors: Over the last five years through the end of June 2019, the average fund declined an annualized 2.4 percent, Morningstar Direct reports.