Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

Gold Reaches New Price Record, Then Pulls Back; Silver Nearly Hits US$35

by admin October 26, 2024
October 26, 2024
Gold Reaches New Price Record, Then Pulls Back; Silver Nearly Hits US$35

The gold price cooled on Wednesday (October 23) after soaring to a new high a day earlier.

The yellow metal slipped as low as US$2,714.16 per ounce after rising to just above US$2,750 on Tuesday (October 22). Market watchers have attributed the pullback to a stronger US dollar and better US Treasury yields.

These factors are counteracting safe-haven demand caused by geopolitical turmoil.

Even so, many experts believe gold’s move isn’t over. Its latest record extends a trend seen through 2024, and is being driven by several key factors, including central bank buying, inflation concerns and broader macro events.

Silver has been on the rise this week as well, nearly touching US$35 per ounce on Tuesday.

What’s driving gold and silver prices?

Industry insiders continue pointing to central bank buying as a reason that gold’s move still has legs.

Data from the World Gold Council suggests that central banks added to their gold reserves significantly in the first half of 2024, making gold the second largest global reserve asset, behind only the US dollar.

Interest rate cuts from the US Federal Reserve are also helping to boost gold’s appeal. The American central bank cut rates by 50 basis points in September and is expected to continue bringing them down.

Inflation concerns have played a critical role in gold’s price surge too.

Although US inflation has moderated in recent months, falling to 2.4 percent in September, the possibility of rising inflation in other parts of the world continues to drive demand for gold as a hedge.

Geopolitical risks are another factor influencing the price of gold. Tensions in the Middle East, particularly the ongoing conflict between Israel and Iran, have heightened market volatility, as has Russia’s war with Ukraine. Investors often turn to the yellow metal as a safe-haven asset during periods of geopolitical uncertainty.

Silver, often referred to as ‘poor man’s gold,’ has also experienced strong price growth, driven by its dual role as both a precious metal and an industrial commodity. Demand for silver is partly driven by its uses in renewable energy technologies, such as solar panels, which have experienced increased demand as part of the global energy transition.

While silver has benefited from industrial demand, it has also tracked gold’s performance as a precious metal.

The correlation between the two metals has strengthened in recent months as global economic concerns and inflationary pressures have prompted investors to seek out safe-haven assets.

Will gold and silver prices keep rising?

Looking ahead, market analysts remain bullish on the outlook for both gold and silver.

Goldman Sachs (NYSE:GS) recently revised its price target for gold, forecasting that the metal could reach US$2,850 by the end of 2024. Others have even higher expectations, calling for US$3,000 as soon as this year.

Silver is expected to maintain its upward trajectory as well, particularly given its role in the energy transition.

Risks to both gold and silver include easing geopolitical tensions, while the silver price could face headwinds if global industrial demand slows due to a recession or other factors.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
SCTR Report: Unlocking TSLA’s Potential—What Every Investor Needs to Know Now
next post
Element79 Announces Private Placement

Related Posts

You’re invited to join Osisko Metals at PDAC...

March 1, 2025

Canadian Investment Regulatory Organization Trade Resumption – AUMB

June 25, 2025

Summary of Pre-Feasibility Study for Nueva Sabana Mine

January 13, 2025

Harvest Gold: Advancing the Large-scale Mousseau Gold Project...

June 20, 2025

Marvel Discovery Acquires Strategic Ground In Elliot Lake,...

May 24, 2024

Hertz Energy Inc. Announces Resignation Of Director

October 12, 2024

Cardiol Therapeutics Announces Exercise and Closing of Over-Allotment...

October 12, 2024

Noble Minerals Initiates Temporarily Delayed Drill Program in...

July 3, 2024

Missouri Set to Recognize Gold and Silver as...

May 13, 2025

Rio Tinto Unveils 158.2 Carat Yellow Diamond, Plus...

April 15, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • The Best Five Sectors, #27

      July 15, 2025
    • Bitcoin Just Smashed $112K—Is a Surge to 124K Next?

      July 15, 2025
    • From Hammer to Harami: Using StockCharts to Crack the Candlestick Code

      July 15, 2025
    • Biden chief of staff reportedly gave approval for autopen pardons on final day in office

      July 15, 2025
    • ‘One more’: Senate Republicans eye tackling another reconciliation bill

      July 15, 2025

    Categories

    • Business (1,022)
    • Investing (2,607)
    • Politics (3,223)
    • Stocks (1,136)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved