In 2024, gold prices surged by 27%, closing at $2624.49 per troy ounce, as geopolitical tensions and central banks increased gold reserves led to a historic high.
The Russia-Ukraine conflict and tensions in the Middle East drove investors to view gold as a safe-haven asset, resulting in significant demand and price escalation.
Central banks, especially from emerging markets like China, Russia, and Turkey, increased gold holdings in 2024, aiming to reduce their reliance on the U.S. dollar.
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