The price of gold continues its spectacular rallye, reaching new all-time highs of over USD 3,600 per troy ounce. Since the beginning of the year, the price has climbed from around USD 2,630 to currently more than USD 3,600 – an increase of over 35 percent.

Strong demand drives prices

The main drivers of the increase are continued high demand from central banks, particularly in China and India, as well as inflation fears and geopolitical uncertainties. Emerging markets are increasingly diversifying their currency reserves with gold.

Limited supply reinforces upward trend

The supply of gold is rising only moderately: mine production will grow by just 2.6 percent in 2024, while demand is picking up significantly. This market dynamic supports the long-term upward trend.

Positive outlook

Market experts see further potential. After the summer lull between USD 3,200 and USD 3,500, recent developments indicate a continuation of the upward trend. Long-term forecasts reach USD 7,000 for 2030. Gold remains attractive as a hedge against inflation and for portfolio diversification, even at current highs.

Do you have any questions about gold and precious metals? The experts at SINCONA TRADING are happy to provide you with competent advice.