Gold had reached new all-time highs as many as 40 times in 2024. So far this year, it has surpassed all-time highs 14 times.
SEATTLE (Scrap Monster): The latest spike in gold prices, which reached $3,000 per ounce in record time, bucked historical norms, according to the World Gold Council. Historical price data indicates that it took gold an average of about 1,708 days to increase by $500, but the most recent spike only took 210 days.
WGC reports that on Friday, March 14, and Monday, March 17, intraday gold prices reached $3,000 per ounce levels. The LBMA Gold Price PM hasn't, however, formally surpassed $3,000 per ounce.
In 2024, gold hit new all-time highs up to 40 times. It has exceeded all-time highs fourteen times so far this year. In just 210 days, the price of the yellow metal has increased from US$2,500/oz to US$3,000/oz. It should be mentioned that since gold originally hit $500 per ounce in December 2005, its price has roughly doubled. It has produced an annualized return of about 9.7% over that time.
The price of gold is now three standard deviations (3σ) over the 200DMA's long-term average spread due to the recent surge.
Going forward, more purchasing from futures contracts is probably in store if gold is able to hold above US$3,000/oz over the next few weeks. However, the WGC study stated that some price correction would not be unusual given the recent gold move's pace.
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