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October Gold Rally: Asia-Led Demand and Market Uncertainty Push Record Highs

  • robertbelanger7
  • Nov 15, 2024
  • 1 min read

Gold surged in October to a record $2,734/oz, marking a 4.0% gain despite a strong US dollar, rising bond yields, and robust equities. This rally, primarily driven by Asian demand and global uncertainty, saw inflows from US and China ETFs, while COMEX futures saw outflows, indicating Asian markets led the charge.


2024 has been a standout year for gold, with 39 new record highs, driven by central bank buying, resilient demand in China and India, and geopolitical concerns. As the US election nears, investors increasingly view gold as a safe haven against potential market volatility, though actual impacts may unfold over time based on policy shifts.


In sum, gold’s 2024 performance underscores its strength as a hedge amid diverse risks, with Asian and emerging market demand likely to sustain interest in the months ahead.


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