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Shining light on gold: Understanding the surge in gold market
News Bulletin Reports
2024-04-09 | 12:20
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Shining light on gold: Understanding the surge in gold market
Report by Lea Fayad, English adaptation by Nadine Sassine
Today, owning gold means your wealth is on the rise, regardless of the piece's size or age.
This surge in value is driven by historic highs in gold prices, surpassing $2300 per ounce, a significant jump from around $1400 just four years ago in 2020. Since the beginning of this year, prices have surged by about 14%, reflecting a compelling narrative of supply and demand dynamics:
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Geopolitical tensions, such as the Russian-Ukrainian conflict and ongoing conflicts in the Middle East, are fueling global interest in gold. Seen as a safe haven during uncertain times, gold attracts investors seeking stability amidst turbulent geopolitical landscapes.
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Global economic instability contributes to the appeal of gold. Doubts about the dollar's strength, amidst competition from the BRICS group – comprising China, Russia, India, and other emerging economies – prompt central banks worldwide to diversify their reserves. Over the past two years, these banks, led by China, have purchased over 1000 tons of gold, highlighting its role as a strategic asset.
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Expectations of interest rate cuts by the US Federal Reserve this year further bolster gold's attractiveness. With potential decreases in bank interest rates, investing in gold emerges as a more lucrative option.
That's why these days, gifting gold requires careful budgeting or or adjustments to the gift budget.
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