Factors Shaping Gold’s Trajectory Post-Record High Of Over $2,480 Per Ounce: The escalating Middle East conflict has increased interest
in gold as a traditional safe haven.
This, coupled with growing investor demand and expectations of a Federal Reserve interest rate cut, has boosted gold prices.
The price of gold has surged 16.7% since the end of 2023,
hitting $2,426.3 per ounce on July 31, 2024, compared to $2,078.4 at the end of the previous year.
According to the daily data from the World Gold Council,
the yellow metal hit a new record high of $2,480.3 per ounce on July 17, 2024.
Gold surpassed the $2,400 level for the first time on April 12, 2024.
In coincidence with the pandemic fears,
gold reached the $2,000 per ounce level for the first time on August 5, 2020.
Factors Shaping Gold’s Trajectory Post-Record High Of Over $2,480 Per Ounce