Gold is currently closing off the week at all-time record levels after some incredible weeks. On friday, Gold reached $2,167 per ounce - even higher than the early December peak of $2,143 per ounce and the $2,020 peak right after the Russian Invasion of Ukraine.
Major factors driving up the price of gold is likely recent remarks by Federal Reserve chief Jerome Powell, who recently confirmed his plans to start cutting short-term interest rates during 2024 even if markets feared a "higher-for-longer" scenario.
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"The new gold rush is that we're in no gold rush," BuillonVault cited former HSBC fund manager Charlie Morris, hoping for a slow and steady bull market.
The new high in gold prices was reciprocated in Asian commodity markets, with the SHanghai gold index jumping to ¥499 per gram - a 19% increase from last year.
Another major driver of the gold surge is India, who saw gold imports rise by 86% over the past year, according to Times of India.
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Meanwhile, Bitcoin and other cryptocurrencies are emerging as potential rivals to gold as inflation-proof investment options. Bitcoin has been in an incredible surge during 2024 to reach new heights above $69,000 per bitcoin.
Clearly, investors and are looking for save havens in times of increased inflation and simultaneously, many central banks are turning to gold reserves as the integrity of their overseas reserves have come into question after the seizure of Russian assets as a result of the Ukraine War.