Gold continues on its path to new highs touching $2740 on 21st October 2024
In 2024, gold experienced a surge of over 35%, reaching new record highs.
This increase was propelled by the anticipation of additional Federal Reserve rate reductions following a half-percentage-point cut in September 2024, coupled with persistent geopolitical uncertainties stretching from Europe to the Middle East.
Delegates at the London Bullion Market Association‘s annual meeting earlier this week predicted that gold prices could reach $2,941 per troy ounce in the next 12 months.
As investors continue to seek out a safe haven for their money, the price of gold will remain elevated.
Gold price one year chart – price snapshot as of: 21st October 2024 (08:52 BST)
Gold, which yields no interest in its own right, tends to gain in value when interest rates are cut and when geopolitical tensions heat up.
