Tag: New High

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Gold glitters to new highs above $2700

A bar of gold

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 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.

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Dow up 500 points, S&P 500 closes above 5700 as both reach new highs!

U.S> at new highs!

Stocks soared on Thursday 19th September 2024, with the Dow Jones Industrial Average and the S&P 500 reaching new record highs, following the Federal Reserve’s decision on Wednesday to cut interest rates by half a percentage point.

The Dow Jones climbed 522.09 points to close at 42025, surpassing 42000 for the first time. The S&P 500 ascended to a close of 5713, breaking the 5700 threshold. Meanwhile, the Nasdaq Composite jumped 2.51% to finish at 18013.

Dow Jones one-day chart

Dow Jones one-day chart

S&P 500 one-day chart

S&P 500 one-day chart
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Gold rushes to a new all-time high

Gold high!

Gold prices have soared to unprecedented levels, reaching a new all-time high of $2,585 per ounce

This surge is driven by a mixture of economic and geopolitical factors that have heightened investor interest in the precious metal.

One of the primary catalysts for this rise is the anticipation of a significant interest rate cut by the U.S. Federal Reserve. Recent economic data indicating a slowdown in the U.S. economy has led to expectations of monetary easing, which in turn has weakened the dollar. As a result, gold, which is priced in dollars, has become more attractive to investors seeking a safe haven.

In addition to economic factors, ongoing geopolitical tensions and persistent inflation concerns have further bolstered gold’s appeal. With inflation eroding the value of fiat currencies, investors are turning to gold as a hedge against currency devaluation. The metal’s historical role as a reliable store of value during times of uncertainty continues to drive demand.

Market analysts are now speculating whether gold could reach the $3,000 mark, given the current trajectory and market conditions. As the global economic landscape remains volatile, gold’s allure as a safe-haven asset is likely to persist, potentially pushing prices even higher in the coming months.