MARKETS Geopolitics and central banks could keep
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Posted On: 12/08/2023 5:24:28 AM
MARKETS
Geopolitics and central banks could keep gold demand hot in 2024, World Gold Council says
KEY POINTS
The two most significant events for gold demand in 2023 were the collapse of Silicon Valley Bank and the Hamas attack on Israel, the WGC said, estimating that geopolitics added between 3% and 6% to gold’s performance over the year.
The WGC estimated that central bank demand added 10% or more to gold’s performance in 2023, and said even if 2024 does not reach the same heights, above-trend buying should still offer an extra boost to gold prices.
The yellow metal broke through $2,100 per ounce on Monday before moderating slightly, and spot prices were hovering at around $2,030 per ounce early Friday.
An employee puts gold bullions into a safe deposit box at Degussa shop in Singapore
Geopolitics and central banks could keep gold demand hot in 2024, World Gold Council says
KEY POINTS
The two most significant events for gold demand in 2023 were the collapse of Silicon Valley Bank and the Hamas attack on Israel, the WGC said, estimating that geopolitics added between 3% and 6% to gold’s performance over the year.
The WGC estimated that central bank demand added 10% or more to gold’s performance in 2023, and said even if 2024 does not reach the same heights, above-trend buying should still offer an extra boost to gold prices.
The yellow metal broke through $2,100 per ounce on Monday before moderating slightly, and spot prices were hovering at around $2,030 per ounce early Friday.
An employee puts gold bullions into a safe deposit box at Degussa shop in Singapore
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