9 July 2024
Gold has experienced a remarkable rally in 2024, surging over 15% year-to-date and reaching record highs despite high interest rates and a strong US dollar. This bullish trend is expected to continue through the end of the year, driven by geopolitical tensions, safe-haven demand, and sustained central bank buying. The prospect of US interest rate cuts, particularly as early as September, further supports gold’s outlook. While some central banks like China have paused their gold purchases, others such as Poland, Turkey, and India continue to add to their reserves. The World Gold Council’s survey indicates that central bank demand for gold is likely to remain strong, with 29% of respondents planning to increase their gold reserves in the next 12 months.