Gold on Track for Outstanding Annual Performance as Investors Turn to ETFs
Gold's Remarkable Performance in 2024
Finance experts reveal that gold is on track for its best annual return since 1979, surging by 28% year-to-date. This significant upswing is primarily driven by investor interest in gold ETFs, which have accumulated inflows of $3.3 billion since mid-August. The SPDR Gold Shares (GLD) has notably attracted $644 million in cumulative inflows as of 2024, showing strong confidence in gold as a secure asset.
Investor Trends and Economic Factors
- Gold has reached a new all-time high above $2,600 due to market uncertainties.
- Gold miners' ETFs such as VanEck Gold Miners ETF (GDX) have experienced over 30% gains in 2024.
- Investor sentiment remains bullish, with hedge funds targeting prices of up to $3,000.
Challenges Ahead: Monitoring Price Movements
Despite the remarkable rally, gold has faced a slight correction, decreasing by 0.5% recently. The key support level is noted around $2,645, with analysts advising caution if gold closes below $2,640. Experts continue to monitor these fluctuations in the backdrop of significant national events, including elections, which historically influence gold's performance.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.