Gold Jumps 26% in 2024
Gold rose above $2,600 an ounce on Tuesday, marking its strongest annual performance since 2010 with a 26% gain for 2024. The surge has been driven by U.S. monetary easing, ongoing geopolitical tensions and record central bank purchases.
Despite a slight pullback following Donald Trump’s election victory in November, gold’s annual gains have outpaced most other commodities, including a mixed year for base metals and sharp declines in iron ore and lithium.
Looking ahead to 2025, investors are weighing the impact of U.S. monetary policy uncertainty, potential challenges under a Trump presidency and China’s push for economic recovery. Notably, gold’s gains come despite a stronger U.S. dollar and higher Treasury yields, which are typically headwinds to its growth.
Source: Trading Economics