As 2024 Gets Underway, Gold Seems Set on Upward Trajectory

After seeing its prices rise significantly in late 2023, gold seems to be maintaining its upward trajectory in 2024. The precious metal surged in value significantly as a confluence of global factors increased its safe-haven appeal and drew tons of investors looking to protect their portfolios from potential economic disaster.

With several armed conflicts raging on across the world, U.S. Treasury Yields dropping to their lowest levels since August, gold prices have surged to historic highs in recent weeks. Gold closed December’s opening trading day at $2,071 after the U.S. Fed chair addressed a college in Atlanta and went against investor expectations, breaking a price record set in August 2020. While the market expected the Fed chair to go against loosening financial conditions, he instead said that the Fed’s monetary policy was “well into restrictive territory.”

Assets such as gold typically have streaks of record-high prices because traders will buy into breakouts to take advantage, inadvertently accelerating prices until factors such as anticipated interest rate hikes by the Fed cause a sharp pullback. However, with the U.S. Fed sounding increasingly dovish in recent weeks, gold prices avoided the pullback and rose by 2.3% to $2,024 on Fed Day before rallying even higher. The precious metal’s prices rose to nearly $2,084 in the days after Fed Day before closing the week at a record $2,077.

Increasing gold prices may make the asset incredibly attractive to the market, but they may not persuade contrarians who prefer to buy low and sell high to purchase gold. Even so, 2024 may be a significant year for gold. The dollar has been losing credibility for several months, and several countries are poised to decouple their economies from the greenback this year. Nations, such as China, that have strained relations with the United States have already started this by buying up massive amounts of gold.

Although the record-breaking run of gold purchases by central banks is long over, we may see central banks buying up gold in 2024 as they move away from the greenback and work to strengthen their own currencies. Saxo Bank’s head of commodity strategy Ole Hansen predicts that gold will see further price gains this year following its “surprisingly robust performance” in 2023 thanks to a mix of factors that includes central bank gold purchases, renewed demand from ETF investors and momentum-chasing hedge funds.

Exploration companies such as Reunion Gold Corp. (TSX.V: RGD) (OTCQX: RGDFF) could become emboldened from the bullish outlook for gold over the coming months and years.

NOTE TO INVESTORS: The latest news and updates relating to Reunion Gold Corp. (TSX.V: RGD) (OTCQX: RGDFF) are available in the company’s newsroom at

About MiningNewsWire

MiningNewsWire (“MNW”) is a specialized communications platform with a focus on developments and opportunities in the Global Mining and Resources sectors. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled recognition and brand awareness.

MNW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from MiningNewsWire, text “BigHole” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit

Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published:

Los Angeles, CA
310.299.1717 Office

MiningNewsWire is powered by IBN


Select A Month

Contact us: (310) 299-1717