By South China Morning Post | Created at 2024-12-29 01:45:32 | Updated at 2024-12-29 19:23:56
17 hours ago
Gold has had a very good year. Not only did the price of the yellow metal keep refreshing record highs, but it also posted the biggest annual increase in 14 years.
Analysts expect the bull run to continue next year and hit US$3,000 per ounce on the back of buying by central banks, geopolitical tensions and falling interest rates.
Spot gold traded at US$2,611 on Christmas Eve, 27 per cent higher than at the end of 2023. That is the biggest annual jump in the price of the precious metal since 2010, when it shot up by almost 30 per cent.
Gold also hit an all-time high of US$2,790.07 per ounce in October, rising 35 per cent from the end of last year.
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Chinese consumers sell off old jewellery amid record high gold prices
Chinese consumers sell off old jewellery amid record high gold prices
“Gold’s rally in 2024 was driven by many factors, ranging from the buying spree of many central banks, including the People’s Bank of China, as they want to invest their reserves in gold and diversify from holding US dollar assets,” said Anderson Cheung, head of global commodities at Best Profit Capital, a Hong Kong-based financial firm that is part of Guangzhou-based conglomerate Kingold Financial Services.
