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Gold is heading to record its best annual performance in 14 years economy

manhattantribune.com by manhattantribune.com
31 December 2024
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Gold is heading to end 2024 on the rise, after central banks’ buying interest, geopolitical uncertainty, and easing of monetary policies supported safe havens and led the precious metal to its strongest annual performance since 2010.

Gold in spot transactions rose 0.25% to about $2,612.5 per ounce, and US gold futures contracts rose 0.24% to about $2,624.4.

2024 performance

Gold, which was one of the best-performing assets in 2024, has increased by more than 26% since the beginning of the year until now, in the largest annual jump since 2010, and last recorded a record level of about $2,790 on October 31 after a series of unexpected numbers. unprecedented throughout the year.

Tim Waterer, chief market analyst at KCM Trade, said: “Gold enjoyed a wonderful year in 2024, and a large part of this upward move was based on the expected shift towards a lower interest rate environment.”

The market is now awaiting a new set of catalysts, including a series of US economic data scheduled for release next week, which may impact interest rate expectations for 2025, and President-elect Donald Trump’s policies regarding tariffs.

Gold is considered a hedge against inflation and unrest, but high interest rates reduce the attractiveness of the yellow metal, which does not generate a return.

Gold reaches record levels in 2024 (Reuters)

Psychic minerals

As for other precious metals:

  • Silver fell 0.22% in spot transactions at $28.90 per ounce, and is heading to record its best annual performance since 2020, with an increase of about 22% so far.
  • Palladium increased 0.14% to $901.81, and is heading for annual losses with a 17% decline.
  • Platinum rose 0.48% to $908.10, and is heading for annual losses with a 7% decline.
Tags: annualeconomyGoldHeadingperformancerecordyears
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