Gold Cited by WGC as One of the Best Performing Assets in 2024

SEATTLE (Scrap Monster): Gold has been one of the best-performing investments this year, according to the World Gold Council (WGC).

According to the report, the yellow metal has posted 39 new all-time highs in US dollars so far this year. This is second only to 1979, when it had posted 57 new all-time highs. Gold's impressive performance throughout the month of October has continued unabated. It defied the strength of Treasury yields and the US dollar.

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There will probably be some market volatility due to the approaching US elections. However, safe haven assets like gold are likely to draw a lot more investors. WGC also pointed out that the budgetary strategies put forth by both administrations will keep gold appealing to investors.

A number of reasons have contributed to the recent spike in gold prices. The central bank acquisitions kept up their pace. Due mostly to a rise in Chinese bar and coin purchases, Asian demand remained strong. Gold purchases in India also increased as a result of the reduction in import duties. The increase in gold prices was also influenced by growing geopolitical tensions, particularly in the Middle East.

WGC report said that gold’s recovery has been driven mostly during Asian trading hours. Also, most of gold’s volatility occurred during European and US sessions.