Gold Value Up 26 Percent in 2024 - Global Tensions and US Monetary Policy Among Key Factors
The value of gold increased by 26% in 2024, reaching the highest level since 2010. This increase was influenced by the easing monetary policy of the US and the escalation of geopolitical tensions in the Middle East and Ukraine.
Gold is up 26 percent in 2024, reflecting the metal's best annual performance in 14 years. At the end of the year, the yellow metal reached $2,626.8 an ounce, the highest level since 2010.
According to analysts, the increase in the price of gold is a consequence of the easing of monetary policy in the United States of America and geopolitical tensions in the world, while central banks bought gold in record amounts, according to Trading Economics.
The global price of gold fell slightly in November after Donald Trump's victory in the US presidential election, but it still led other metals, while iron and lithium suffered sharp declines. Its rise in value came despite a strong US dollar and higher Treasury yields, which are usually a drag.
Looking ahead to 2025, investors are analyzing the impact of US monetary policy uncertainty, potential challenges under the Trump presidency and China's push for economic recovery to determine the price movement of the precious metal.
An easing of geopolitical tensions in the Middle East and the resolution of the Russia-Ukraine conflict could cause a reduction in the value of gold, given how much the metal has benefited from these conflicts in 2024.
The United States' trade conflict with China, the world's largest consumer of gold, as well as a slowdown in the pace of interest rate cuts in the US would also lower the price of gold. On the other hand, a further reduction in interest rates, the strengthening of the Chinese economy and the escalation of geopolitical tensions in the world would encourage another rise for the yellow metal.
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