20 August 2024
Gold prices have reached record highs, surpassing $2,560 an ounce, with a 20% increase this year. This rally is driven by expectations of Federal Reserve interest rate cuts, geopolitical uncertainties, and emerging markets diversifying their reserves away from the US dollar. Gold mining stocks have also benefited, with the VanEck Gold Miners ETF up nearly 25% this year. Analysts suggest the rally could continue, with some projecting potential targets of $2,800-$2,900 per ounce. Gold’s performance has outpaced both stocks and cryptocurrencies like Bitcoin in recent months, reinforcing its status as a safe-haven asset during times of economic uncertainty.