The international gold price has broken historical records 40 times this year.
In 2024, the international gold price opened high and continued to rise.
Looking at the overall trend for this year, after experiencing two significant upward phases from mid-March to mid-April and from July to the end of October, the international gold price reached its highest point of the year on October 30—2801.8 USD/ounce.
Entering the second half of the year, concerns about economic recession and expectations of policy easing have become the main favorable factors. At the same time, geopolitical tensions and uncertainties surrounding the U.S. elections have also driven safe-haven demand, resulting in significant positive effects of macro factors on gold prices. From a fundamental analysis perspective, the continuous gold purchasing behavior of global central banks, the sustained growth of gold ETF sizes, and the ongoing increase in CFTC (Commodity Futures Trading Commission) positions all indicate that the effective demand for gold is increasing, which also constitutes a favorable impact.
Looking ahead to 2025, the Federal Reserve's interest rate policy, geopolitical conflicts, and the effectiveness of the new U.S. government's policy combination are the main factors influencing the trend of international gold prices. Among them, the resilience of the U.S. economy may lead the Federal Reserve to maintain the current interest rate level for a long time. The ambiguity of interest rate direction may provide more opportunities for wide fluctuations in international gold prices.