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Gold Hits New All-Time High Amid Global Tensions and Inflation Concerns

As geopolitical unrest and inflationary pressures mount, gold's appeal as a safe-haven asset drives its price to record levels, reflecting increased demand from central banks and investors.

ABC Bullion two ounce gold bars are displayed at the ABC Refinery smelter in Sydney, New South Wales, Australia, on Thursday, July 2, 2020. Western investors piling into gold in the pandemic are more than making up for a collapse in demand for physical metal from traditional retail buyers in China and India, helping push prices to an eight-year high.
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Overview

  • Gold's price reached a new record high of $2,365.39 per ounce, marking a 14% increase since the beginning of 2024.
  • Geopolitical tensions and persistent inflation have bolstered gold's status as a safe-haven asset and a hedge against inflation.
  • Central banks, including China's, continue to add gold to their reserves, contributing to the surge in demand.
  • Investors are exploring budget-friendly gold investment options, including gold-backed certificates and gold-focused mutual funds.
  • Expectations for significant US interest rate cuts in 2024 have diminished, impacting investment strategies.