Gold Prices Surge to Record Highs, Hitting $2,783 per Ounce, Up 32% Year-to-Date

Oct 29, 2024, 01:47 PM

Gold prices have reached new record highs, surpassing $2,783 per ounce on October 29, 2024. This marks a significant milestone as gold's market capitalization hit $18.4 trillion, with prices up 32% year-to-date. Adjusted for inflation, gold prices hit the highest level since the 1980s all-time high. In nominal terms, gold has reached over 30 all-time highs this year. The surge in gold prices comes despite a stronger US dollar and rising Treasury yields, highlighting gold's exceptional performance. Investors are closely monitoring upcoming US economic data and the ongoing US presidential election, which are contributing to market volatility. Gold's performance in 2024 has been its best annual growth since 1979, consistently outpacing inflation and global growth rates.