Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
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The 2024 U.S. election resulted in a Trump victory, impacting gold prices and creating potential volatility, but maintaining a long-term bullish trend. Falling short-term rates and rising long-term rates present a mixed picture for gold, with higher rates typically weighing on commodities, but not necessarily bearish for gold. The U.S. dollar's global role is diminishing, which supports higher gold prices as countries increase gold holdings in their foreign exchange reserves.
With the U.S. election largely over and done with, the market has already begun to react. Savvy investors may look to gold to diversify away from the stock market.
Gold prices are trending strongly higher in 2024, supported by record demand, and are likely to hit new highs this year and again in 2025. While the latest data from the World Gold Council is mixed, the net result is a 5% increase in total FQ3 volume demand compounded by higher prices.
The price of gold has surged more than 32% this year.
Gold and silver prices continued to climb on Oct. 21, 2024, reflecting ongoing investor interest in precious metals. Gold futures surged to new highs, increasing by 0.8% and approaching $2,750 per ounce.
Historically, investors have called the dollar index, United States treasury bonds, and even gold the main safe havens in the global economy when and if trouble arises. However, this common knowledge has attracted many buyers positioning themselves in these areas ahead of what could turn out to be a volatile stock market.
Gold price has gone parabolic, rising for five consecutive days, and reaching a new all-time high of $2,730. It has jumped by almost 32% this year, making it one of the best-performing commodities this year.