As of today, gold prices have risen above $2,640 per ounce, driven by increasing demand for safe-haven assets due to geopolitical tensions in the Middle East. This surge in price represents a 28.52% increase since the beginning of 2024.
Key Market Statistics:
Gold Price: $2,648.59 per ounce, with a 0.49% increase today and a 44.94% increase over the past year
Silver Price: $31.36 per ounce, with a 0.37% increase today and a 48.82% increase over the past year
Gold ETFs: Global gold ETFs have seen inflows for four consecutive months, with $2.1 billion invested in August alone
Market Trends:
Gold prices have been influenced by the recent interest rate cuts, with investors anticipating more economic data to guide their decisions.
The odds of another 50-basis-point rate cut in November are currently at 37%. Central banks have also been active in the gold market, with data available on their gold holdings, sales, and purchases.
With silver also seeing significant gains, precious metals are clearly in favor among investors.
A 28.52% increase in gold since the start of the year shows strong market resilience.
The continued inflows into gold ETFs suggest that confidence in gold as a hedge remains strong.
The surge in gold prices highlights the growing demand for safe-haven assets amid global uncertainty.
It is very obvious that the potential for further interest rate cuts could keep gold prices buoyant in the near term.
I foresee Bitcoin to get to 80,000 USD by the end of this quarter.
