Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Precious Metal»Gold hits $2,500 for the first time ever. What’s behind it?
    Precious Metal

    Gold hits $2,500 for the first time ever. What’s behind it?

    August 21, 20246 Mins Read


    A standard gold bar is now worth more than $1m. Credit: Chris Ratcliffe / Getty.

    Gold prices have hit the long-awaited $2,500 threshold, maxing out at $2,529.80 an ounce yesterday (20 August) in another all-time record for the precious metal.

    Gold has been one of the highest-performing commodities this year, largely due to expectations that the Federal Reserve would begin cutting interest rates in the US – home to the largest central bank gold reserves in the world.

    Central bank-buying, escalating conflicts and geopolitical risk in mineral-rich areas have also fuelled gold’s year-to-date rise of 21%.

    Many investors view metal as a safe haven because of its ‘intrinsic value’, which would theoretically remain valuable amid wars in Gaza and Ukraine, or in the event of another global financial crash or cyberattacks.

    As gold bars typically weigh 400 troy ounces (12.4kg), a standard gold bar is now worth more than $1m.

    The news comes after months of repeated records. In May, gold prices hit a then all-time high following the death of President Ebrahim Raisi in Iran and illness of King Salman in Saudi Arabia, two mineral-rich nations in a mineral-rich region.

    Access the most comprehensive Company Profiles
    on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

    Company Profile – free
    sample

    Your download email will arrive shortly

    We are confident about the
    unique
    quality of our Company Profiles. However, we want you to make the most
    beneficial
    decision for your business, so we offer a free sample that you can download by
    submitting the below form

    By GlobalData







    Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

    Will gold’s bull run continue?

    There is scope for gold’s historic highs to continue steadily, financial experts predict.

    Last month, JP Morgan upgraded its gold price targets for 2025 and the remainder of 2024, based on a Fed cutting cycle the bank says will commence in November 2024, pushing gold prices to new nominal highs.

    “The direction of travel is still higher over the coming quarters, forecasting an average price of $2,500/oz in the fourth quarter of 2024 and $2,600/oz in 2025, with risk still skewed toward an earlier overshoot,” said Gregory Shearer, head of base and precious metals strategy at JP Morgan.

    Credit: World Gold Council.

    When the Fed ended its monetary policy cycle in December, it added to the gold price uptrend, as a weakness in the US dollar makes dollar-denominated metals more affordable for buyers using other currencies.

    Across deep storage vaults at Fort Knox, Denver and West Point, the US government holds 8,134 metric tonnes of gold – more than double the reserves of Germany (3,352 tonnes) and triple the reserves of Italy and France, the next two largest gold-holding countries.

    Gold’s rise has, of course, not just been a story of the US dollar, with significant gold spikes in the Indian rupee, Japanese yen and Chinese yuan.

    Officials from other banks including UBS Group AG and ANZ Group Holdings Ltd also believe gold prices are heading towards $2,700 an ounce by mid-2025, Bloomberg reported.

    Attention will remain fixed on gold’s bull run throughout the rest of the year, particularly in the event of geopolitical tensions subsiding and conflicts abating across Europe and the Middle East.

    Email newsletter icon

    Sign up for our daily news round-up!

    Give your business an edge with our leading industry insights.




    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    L’or réaffirme le statut de sécurité, mais le chemin de Bitcoin peut être plus lumineux: les analystes

    Precious Metal

    Artemis Gold Inc. annonce l’ouverture officielle de la mine Blackwater

    Precious Metal

    1911 Gold suspend ses activités au complexe True North en raison d’un ordre d’évacuation lié aux incendies de forêt

    Precious Metal

    Back to basics : Silver économie

    Precious Metal

    Magma Silver Corp. conclut un accord de services de conseil avec Euroswiss Capital Partners Inc.

    Precious Metal

    1911 Gold suspend temporairement ses activités au complexe True North en raison de l’ordre d’évacuation de Bissett

    Precious Metal
    Leave A Reply Cancel Reply

    Top Picks
    Investments

    “Les taux US s’envolent, un défaut de paiement possible un jour ? – 09/04

    Charwood Energy lance une émission obligataire de 1,5 ME maximum

    Property

    Tribe Property Technologies acquiert la société immobilière Ace Agencies pour 1,5 million de dollars

    Editors Picks

    Businesses face high energy bills as temps rise in Central California

    July 17, 2024

    ​Agricultural exports contribute 22% of GDP for 2024

    January 21, 2025

    Jam-Packed Special Events Schedule For 2024 Monster Energy Amateur National Motocross Championship

    July 26, 2024

    US Senator Lummis Says Bitcoin Reserve Can Restore Dollar Dominance

    July 12, 2024
    What's Hot

    Les actions Precigen rebondissent au-dessus du prix minimum d’enchère du Nasdaq Par Investing.com

    January 16, 2025

    How Digital Currencies Can Become More Inclusive

    April 23, 2025

    MEGADETH Jiu-Jitsu Trainer REGGIE ALMEIDA Shares Vlog From Graspop Metal Meeting 2024

    October 13, 2024
    Our Picks

    Hottest Real Estate Markets in Maine: Top Locations for 2024

    October 12, 2024

    Why Stripe’s $1bn Bridge Deal Signals Fintech Crypto Push

    October 22, 2024

    MAG Silver Corp. Expected to Earn Q2 2024 Earnings of $0.15 Per Share (NYSEAMERICAN:MAG)

    July 22, 2024
    Weekly Top

    Artemis Gold Inc. annonce l’ouverture officielle de la mine Blackwater

    May 31, 2025

    India’s Digital Payment Surge: Currency and Convenience

    May 31, 2025

    Le numérique au service du développement : catalyseur, levier ou fracture ?

    May 31, 2025
    Editor's Pick

    Analysis: Are Technology Sharing and Cross-Silo Relationships Intrinsically Linked? | NAVEX

    July 18, 2024

    Bokolo Cash and Digital Kina: Pioneering Digital Currency in the Pacific

    March 5, 2025

    First-time Olympian Kahleah Copper did it the hard way

    July 21, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.