Inflation Cools as US Economy Grows 2.8% in Third Quarter
The US economy grew at an annualized rate of 2.8% in the third quarter of 2024, slightly below the expected 2.9% and lower than the previous quarter’s 3% growth. Despite falling short of expectations, economists view this as a sign of solid economic performance. The core PCE index, a key inflation measure, increased by 2.2%, […]
World Gold Council Reports Q3 Gold Demand Reaches $100 Billion Milestone
Global gold demand hit a record high in Q3 2024, reaching 1,313 tonnes, up 5% year-on-year. The value of gold demand surged 35% to exceed $100 billion for the first time, driven by rising gold prices and renewed interest in gold ETFs. Factors contributing to gold’s strength included expectations of falling interest rates, Middle East […]
Gold Hits Record High Price BUT Is SILVER the Buying Opportunity?
Gold has just hit an all-time high of over $2,750 per ounce, shattering predictions and making 2024 a record-breaking year for the precious metal!
HSBC Unveils New Gold Token at Hong Kong Fintech Week
HSBC introduced its gold token at Hong Kong Fintech Week, representing the first bank-issued real-world asset token linked to physical gold. Launched in June 2024 for Hong Kong residents, each token equals 0.001 ounces of gold and is based on a private distributed ledger. The token allows for fractional gold ownership, easier buying and selling, […]
Election Uncertainty and Economic Data Drive Gold's Ascent
Gold prices are approaching record highs as investors focus on the upcoming U.S. presidential election and key economic data releases. The precious metal’s value has increased by about a third this year, driven by central bank purchases and safe-haven demand amid global conflicts. The tight race between Kamala Harris and Donald Trump is creating uncertainty, […]
El-Erian: Dollar Diversification Fuels Gold's Unprecedented Rally
Mohamed El-Erian attributes the recent surge in gold prices to a deliberate move by global financial institutions to diversify away from the US dollar. This trend is driven by central banks slowly reducing their dollar reserves and a gradual shift away from the dollar-based payment system. Recent events, such as Russia’s economic resilience despite sanctions […]
BlackRock: Opportunity Cost of Holding Gold is Falling
As interest rates decline, the relative appeal of gold is increasing, according to BlackRock’s Karim Chedid. He notes that gold’s non-yielding nature is less of a drawback in this environment, positioning it as a valuable diversification hedge for investors seeking to balance their portfolios.
High Prices Reshape China's Gold Consumption Patterns in 2024
China’s gold consumption dropped 11.18% in the first three quarters of 2024 due to high prices deterring jewelry purchases. While gold jewelry demand fell 27.53%, purchases of gold bars and coins increased by 27.14%. Despite a slight dip in domestic gold production, overall output rose 3.2% year-on-year.
Gold Rally Pauses: Money Managers Raise Net-Long Positions in Gold
Gold prices retreated slightly from record highs after Israel’s restrained strikes on Iran eased geopolitical tensions and reduced safe-haven demand. While gold remains supported by factors like expected Fed rate cuts and central bank buying, the targeted nature of Israel’s response has opened the door for potential de-escalation in the Middle East conflict.
Gold Prices Pause Ahead of Key U.S. Economic Indicators
Gold prices dipped slightly Monday morning as investors await key U.S. economic data that could influence the Federal Reserve’s interest rate decisions. Despite reaching record highs recently, gold faced pressure from a stronger dollar and rising Treasury yields. Analysts remain optimistic, with UBS projecting gold to hit $2,900/oz within 12 months, driven by expectations of […]