Gold Price - October 2024
(Prices per ounce)
Start: US $2,636
Close: US $2,746
Highest: US $2,789 (Oct-30)
Lowest: US $2,608 (Oct-9)
OCTOBER 2024 GOLD SPOT PRICE (US DOLLARS PER OUNCE)
Highlights
October was another exciting month for Gold, setting all-time-high records during 10 out of 31 days of the month. Having consolidated its gains from the previous month, gold started the month of October at US $2,636 / oz and, after a minor decline that marked its lowest level of the month (US $2,608 / oz on October 9th), it continued its upward trend, surpassing the US $2,700 / oz mark for the first time in history (October 18, 2024), and remaining above such level for the rest of the month. As part of this rally, Gold set an all-time-high record at US $2,789 / oz on October 30th, followed by a moderate decline that led it to close the month well above US $2,700 / oz for the first time ever (US $2,746 / oz on October 31).
The balance of the month was a solid + 3.17% increase in price, equivalent to a monthly gain of + US $110 / oz. As of October 31, 2024, gold's accrued price performance is:
1-Month: + 3.17%
6-Months: + 19.21%
Year to Date: + 33.13%
1-Year: + 38.54%
5 Years: + 81.57%
In the News
During October, there was a noticeable increase in gold-related articles, both in financial media, and mainstream media, reflecting the growing interest on the subject among retail investors:
Family offices and wealthy individuals have been buying more gold in recent months due to concerns about government debt levels, particularly in the US, according to the Financial Times.
Reuters recently reported how Russia, the world's 2nd largest gold producer, has started talks with its BRICS partners for creating a new precious metals exchange out of the reach of sanctions from the west.
Mohamed-El-Erian's "Why the west should be paying more attention to the gold price rise" opinion article published by the Financial Times, explains how buying of the precious metal reflects rising interest in alternatives to the dollar-based financial system.
In a recent article published by Kitco, the London Bullion Market Association’s annual delegates survey foresees silver prices rising to US $45 an ounce in 2025, a 43% gain from current levels.
Quote of the Month
"Gold still represents the ultimate form of payment in the world. Fiat money, in extremis, is accepted by nobody. Gold is always accepted."
Alan Greenspan
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