Silver and gold are among the top-performing assets in the commodity markets in 2024. Both the metals have delivered stellar returns this year and are attracting heavy bullish sentiments.
The charts for both commodities show a steady rise with only a few dips. Investors who took an entry position early this year made handsome returns and have the potential to generate more profits.
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However, silver has outperformed gold this year and beat all market expectations by a large margin. While all eyes were on gold, silver came out on top, generating more profits than the latter. The commodity markets are brimming with massive returns this year as even copper jumped double digits in eight months.
Commodity Markets: Gold Vs Silver Price Performance in 2024
Gold’s Performance
Gold entered 2024 at the price range of $2,049 and sustainably scaled up in the indices, touching a new high of $2.500 this month. The XAU/USD index has climbed nearly 21% year-to-date, turning an investment of $10,000 into $12,100 in August.
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Silver’s Performance
On the other hand, silver started the year at the price range of $23.6 and steadily climbed up the charts. The XAG/USD chart shows its price currently nearing the $29.4 mark. That’s a surge of nearly 25% year-to-date, and an investment of $10,000 could have turned into $12,500. In conclusion, silver has outperformed gold by approximately 4% YTD.
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Investment Insights
Investors who took an entry position in both metals could have made stellar profits in just eight months. Gold could move further in the charts as retail investors, institutional funds, and central banks have accumulated it.
Silver could also move in tandem with gold’s price, and both metals are now the most sought-after assets in the commodity markets. Both assets could reach a new number by the end of the year.