Gold Prices by U.S. President: Trends from 1989 to 2024
1. Gold prices reached a record high of over $2,500 per ounce in August 2024, driven by increased central bank demand amid global geopolitical and economic uncertainties.
2. The largest increase in gold prices since 1989 occurred during George W. Bushโs presidency, with a 215% rise due to factors like the 9/11 attacks and subsequent geopolitical instability.
3. Gold saw a 53% increase under Donald Trump and a 37% rise so far under Joe Biden, reflecting continued demand during times of crisis, such as the COVID-19 pandemic and the Ukraine-Russia conflict.
4. Central banks are expected to continue increasing their gold reserves, with 29% indicating plans to do so in 2024, according to a World Gold Council survey.
5. Analysts, including those from Citigroup, forecast that gold prices could exceed $3,000 by the end of 2024, regardless of the outcome of the upcoming U.S. presidential election.
6. Historical trends highlight gold's role as a safe-haven asset during economic instability, influenced by significant global events and policy shifts.
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