Friday, September 20, 2024

Gold up 26% . . . in 2024

Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East.

Spot gold was up 0.7% at $2,605.50 per ounce, while U.S. gold futures rose 0.6% to $2,630.30. Silver gained 0.5% to $30.93.

Bullion’s latest rally got a fillip after the Federal Reserve initiated an aggressive easing cycle on Wednesday with a half-percentage-point reduction, adding to the appeal for gold, which pays no interest.

Prices of the safe-haven asset have climbed 26% in 2024, its biggest annual rise since 2010 . . .. 
 
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$SPX is up 19.82%.