Dec 26, 2024 (MENAFN via COMTEX) --
(MENAFN) Gold rose to all-time highs in 2024, reaching an all-time high of USD2,790 per ounce in October, with high demand for the rare metal expected to pursue in the coming year as one of the major safe-haven assets, heading by geopolitical risks, central bank acquisitions and the US Federal Reserve's rate cut cycle.
Gold recorded in the previous year USD2,062 and was trading at USD2,620 as of Wednesday, an incline of 27 percent, while the achievement of these prices reached the best profit on gold since 2010.
Gold recorded all-time high 40 times on a yearly basis as overall gold demand passed USD100 billion for the first time in the third quarter of 2024.
Having rose to the highest record in October, the ounce price closed the month at USD2,743, rose USD4.15.
The recent conflicts in Ukraine and Palestine in addition to stress with Iran resulted a rising trend in gold demand. Official doubts before and following the US leadership election in November also rose gold prices to its highest, while high demand in Asia assisted to the price rising.
MENAFN26122024000045016953ID1109031358
COMTEX_461253157/2604/2024-12-26T14:41:06
