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The Morning Brief

The 2024 Gold Rush

Nov 28, 2024
In a riveting discussion, Sachin Jain, Regional CEO of the World Gold Council, shares insights on the extraordinary peaks in gold prices in 2024. He explores how geopolitical tensions shape market trends and highlights the remarkable consumer demand in India, particularly during festive seasons. Jain also delves into the growing interest in gold-backed ETFs among millennials and the increasing integration of gold in technology. Additionally, he discusses the volatility stemming from political shifts and forecasts a bright future for gold as a resilient investment.
20:35

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Quick takeaways

  • In 2024, gold prices have surged to record highs primarily due to geopolitical tensions, central bank strategies, and shifting investor sentiment.
  • India's surge in gold jewelry demand, driven by cultural practices and duty cuts, highlights gold's dual role as a financial asset and cultural symbol.

Deep dives

Record Highs in Gold Prices

Gold prices have seen a remarkable increase, reaching record highs in 2024, largely driven by geopolitical tensions and changes in investment patterns. A one-kilogram gold bar, which cost approximately $64,000 a year ago, surged to around $76,000 recently, with the market witnessing over 40 peaks in gold prices in just 10 months. The fluctuation is attributed to factors such as warfare impacts and central bank policies, including significant purchasing activities by global central banks seeking safe-haven assets. This growing trend indicates a shift in how investors perceive gold, especially in uncertain economic climates.

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