Gold prices are printing new highs every month in 2024 as the precious metal is steadily climbing up the charts. Commodity investors made phenomenal gains in the first few months this year than any time before in the same sector. The XAU/USD charts show gold prices topping the $2,288 price range hitting a new all-time high on Wednesday’s trade.
Also Read: Gold Prices Forecasted To Rise 35%, Reach New High of $3,000
The precious metal is now among the top-performing assets in the global market outperforming all commodities by a large margin. Now that gold prices are skyrocketing in the indices, interest in the shimmery metal has reached a peak across the world.
Gold Accumulation Spree Begins Across The World
The recent data from the World Gold Council (WGC) show a spike in interest in purchasing the asset for investment purposes. From ETFs to sovereign bonds and bars, the precious metal is among the most sought-after investments this year.
Also Read: Gold or Silver: Which Commodity Delivered the Highest Profits?
The World Gold Council reported that India saw demand for yellow metal between 700-800 metric tons in five years. The report indicates that the accumulation record will be broken and can reach above 900 tons this year in 2024.
“Given the fact that high prices have now been absorbed and economic growth is robust, demand is resetting its base to 800 to 900 tons,” said Somasundaram P.R., CEO of WGC’s Indian operations to Reuters.
Also Read: BRICS: China Might Hold 5,300 Tons of Gold To Boost De-Dollarization
Apart from India, countries like the United Arab Emirates (UAE), the U.S., China, Russia, Brazil, Peru, Ghana, and Switzerland are also leading in gold accumulation.
The move is cementing its prices at every dip as there are buyers in 2024 from across the world for investments. The development will only help the precious metal bounce back stronger after every dip and aim to print new highs. Read here to know how high gold prices might reach by the end of 2024.