Gold Hits 29th New USD Record of 2024 So Far
Wednesday, 9/25/2024 14:44
GOLD BULLION hit its 29th new all-time high in Dollar terms of 2024 to date on Wednesday, beating all but 2 of the full-year totals since Washington finally abandoned the Gold Standard in 1971 and cut the US currency free from its fixed bullion price of $35 per Troy ounce.
Peaking at $2670 today in spot-market trade during Asian hours, gold bullion then set a new record London benchmark above $2654 at the City's 10:30am auction.
Rising 28.7% year-to-date in Dollar terms, the price of gold also set its 29th new Euro record of 2024 so far at Wednesday morning's London fixing, and its 25th of the year in UK Pounds.
The
UK gold price in Pounds per ounce has now gained 22.3% since New Year's Eve, peaking at £1990 in spot trading overnight, while the Euro price of bullion has added 25.5% to peak at €2385.
Dollar gold prices setting 54 new London highs in 1979 and 5 in the first month of 1980 amid double-digit inflation, the Soviet invasion of Afghanistan and the US-Iranian hostage crisis.
Gold then took almost 3 decades to beat that peak.
After 1980, gold in 2011 set a new Dollar price high on 38 days in London as the credit rating of US Treasury debt was downgraded from triple-A and the Eurozone debt crisis followed the global financial crash. It then took 9 years to beat that top.
"The market could use a breather," say analysts at Swiss financial giant and London bullion clearing bank UBS.
"Many [clients] keep waiting for pullbacks to build exposure, but the lack of opportunities has likely amplified these sharp moves up as investors chase prices higher.
"Despite reaching multiple highs this year and outperforming major stock indices, we believe gold
has more room to run over the next six to 12 months."
"Strong physical demand from China and central banks supported gold prices over the past two years," said analysts at US finance giant and London bullion clearer J.P.Morgan last week, "but investor flow, and retail-focused ETF builds in particular continue to hold the key to a further sustained rally over
the [now started] Fed cutting cycle."
Stock markets in China today extended their bounce following the Beijing central bank's announcement of monetary stimulus, but European bourses fell as gold set new records.
Major government bond prices also slipped, and commodities dropped with crude oil losing 1.4% from this week's small rally.
But the
price of silver, which finds more than half of its demand from industrial uses, jumped through $32 per Troy ounce for the 3rd time this year before edging back through that level.
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