World Gold Council reports and trade data

Gold Prices Hit Record High of $2,454.10, Up 35% Since October Amid Strong Demand

May 20, 2024, 09:40 AM

Gold prices have surged to new record highs, driven by strong demand from central banks and China. On Monday, spot gold reached an all-time high of $2,454.10 per ounce, surpassing the previous intraday high of $2,450.07. The yellow metal has outperformed the S&P 500, rising 35% since October and 23% in the past three months. The 2024 Olympic Games have also contributed to the increased demand for gold. Geopolitical tensions in the Middle East have further fueled its rise as investors seek safe-haven assets. Gold has become the most preferred alternative investment in the Middle East and Asia by volume. Earlier, gold hit $2,437, jumping as much as 1.4% and surpassing the previous high reached in April.