The price of Gold reached a new all-time high of 2531.70 in August 2024. With AUX hitting highs above $2500, experts have chimed in with new data, which are driving up predictions for how the precious metal can perform.
The most recent increase means that a signal gold bar of 400 troy ounces is now selling for more than $1 million. A massive reason for its prevalence is the ongoing economic uncertainty. This year has seen gold emerge as a key asset. With this bullish momentum behind Gold, will XAU jump to $2600 in September?
Gold: How High Can It’s Price Go In September?
There is no denying gold’s importance in 2024. The metal has become a valuable asset that has driven increased private and institutional investment throughout the year. With the BRICS bloc leading international interest, it has been targeted as a key reserve asset amid questionable economic realities. Gold is considered the safest asset during tough times.
Furthermore, with inflation fears in the US, investors are buying the metal to protect themselves from big losses. Global economic uncertainty, spurred by rising tensions between Israel and Iran, is driving a rapid surge in AUX prices as well.
The growing interest in Gold is expected to fuel the precious metal’s price even further in the coming months. With September just days away, Gold is currently priced at just over $2500. Price doesn’t appear to be slowing down, with Gold climbing 4.8% in August and 24% since February. The metal has climbed over $480 per ounce in the last six months.
Reports suggest that BRICS could back their new currency with gold and not the US dollar or other local currencies. The alliance aims to get back to the gold standard and maintain a multipolar world for all trade and transactions. The World Gold Council reported that BRICS has been the largest buyer of gold since 2022. The bloc has been accumulating tons worth of the precious metal in the reserves this year, driving its price upward.
In September, it is very possible that the Gold price can break past $2600 and beyond. Some market analysts suggest it is even marching towards the $3000 price mark. The yellow metal is swiftly carving its price path and is headed towards claiming further all-time highs this Fall.