Gold has led precious metal to a surge recently, being up 23% in price in the last six months. Gold and precious metal funds secured eight of the top ten positions in performance tables for March 2024, and some analysts suggest this trend may continue in April.
Last week, gold reached rose to $2,141.79 an ounce. This beat its previous record of $2,135.39 set on December 4 last year. That record was routinely beaten again last Friday with a $2,195 spot price being recorded in New York. Despite a slight slip-up in the last 24 hours, the precious metal market is extremely bullish, but how long will it last?
Given the incredible strength of sentiment on gold, it’s not proving itself as a “sell.” Likely, it will continue to hold that pattern for the foreseeable future as there are many reasons to believe the prices will stay elevated.
Also Read: Silver Trends Amid Gold’s Price Hike: Why is Silver Rising?
The financial markets around the world are undergoing a dynamic shift. With user sentiment shifting towards accumulating robust metals as a hedge, the prices of gold and silver are touching new highs.
Furthermore, as central banks continue to cut due to growing inflation, gold is growing as an alternative to paper currency. As global conflicts are unlikely to stop, emerging markets will continue to stockpile gold to hedge against these risks. Thus, prices may continue to rise in 2024. It’s unclear exactly how long this surge may last, however, the end doesn’t appear in sight any time soon.