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    Home»Precious Metal»Mohamed El-Erian Observes Spike In Gold Says, Precious Metal ‘Trading Within $5 Of A New Record High’ – Agnico Eagle Mines (NYSE:AEM), VanEck Gold Miners ETF (ARCA:GDX)
    Precious Metal

    Mohamed El-Erian Observes Spike In Gold Says, Precious Metal ‘Trading Within $5 Of A New Record High’ – Agnico Eagle Mines (NYSE:AEM), VanEck Gold Miners ETF (ARCA:GDX)

    August 27, 20242 Mins Read


    Mohamed El-Erian, Chief Economic Advisor at Allianz, highlighted on X writing “Gold is trading within $5 of a new record high.”

    What Happened: El-Erian posted a screenshot showing gold prices at $2524.06, reflecting a 5.87% gain. The lowest close was recorded at $2369.31 on Aug. 5, with a 30-day average price of $2453.21.

    Gold mining stocks have recently experienced a notable surge in value. The VanEck Gold Miners ETF GDX, which includes holdings like Newmont NEM, Agnico Eagle Mines AEM, and Barrick Gold GOLD, has risen by 26.51% this year, according to data from Benzinga Pro data.

    Similarly, other ETFs such as SPDR Gold MiniShares Trust GLDM, iShares Gold Trust Micro Shares IAUM, and iShares Gold Trust IAU have also seen gains of over 21% this year.

    Historically, gold reached an all-time high of $2,531.70 in August. The precious metal last traded at $2,509, and December futures contracts are currently trading at $2,543.70, down 0.45%. Year to date, gold prices have gained approximately 22.3%.

    See Also: Nasdaq 100 Falls 1%, Tests 50-Day Average Support: Tech Stocks In Flux On Monday

    Why It Matters: The recent rise in gold prices follows a series of bullish predictions and market movements. Last week, experts noted that gold had surged approximately 20% this year, reaching a record high. Ole Hansen, head of commodity strategy at Saxo Bank, highlighted that gold has been in an “uninterrupted rally” since October when it was priced at $1,810 an ounce.

    Further bolstering this trend, Ryan McIntyre, Managing Partner at Sprott Inc., predicted that gold prices would remain “very positive” for the next 18 months. He attributed this to increased buying by central banks and recent inflows into ETFs backed by gold.

    Adding to the optimistic outlook, J.P. Morgan Research estimated that gold would exceed $2,500 per ounce by the end of 2024, with predictions that it would reach $2,600 per ounce by 2025. This forecast underscores gold’s role as a safe investment, especially amid economic uncertainty.

    Read Next:

    Image Via Shutterstock

    This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

    Market News and Data brought to you by Benzinga APIs

    © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



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