Gold was one of the best investments this year. The precious metal became about 27 percent more expensive in 2024, making it one of this century’s best years.
The value of the precious metal considered a safe investment, was driven by geopolitical uncertainties, interest rate cuts, and gold purchases by central banks in India and China.
On Monday, a troy ounce of gold (31.1 grams) cost more than 2,600 dollars, less than the record level of almost 2,800 at the end of October.
The gold price has fallen since Donald Trump’s election victory in November, partly due to a substantial rise in the dollar. The increase in the value of the American currency makes gold more expensive for international buyers because they pay more in local currency.
Despite the recent price decline, gold has outperformed most other base metals this year, including iron, copper, aluminium, lead, nickel, tin and zinc.
According to commodity analyst David Scutt of U.S. financial services firm StoneX Group, gold was the “biggest market surprise of 2024.” He said other metals have struggled, mainly due to China’s ongoing economic slowdown.
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