The gold market in 2024 opened high and rose steadily, with international gold prices increasing nearly 27% within the year

As 2024 comes to a close, the global gold market has experienced a year of high openings and significant fluctuations. Ongoing geopolitical conflicts, elections in multiple countries, and the Federal Reserve entering a rate-cutting phase have all continuously disrupted gold price trends. Looking back at the gold price movements throughout the year, the international gold price rose from around $2000 per ounce at the beginning of the year, reaching new highs. The main COMEX gold futures contract rose to $2801.8 per ounce on October 30, setting a historical record. Subsequently, after the results of the U.S. elections were announced in November, it experienced a downward fluctuation, closing at $2629 per ounce as of December 24. Xia Yingying, the non-ferrous director at Nanhua Futures, analyzed that since the Federal Reserve initiated the rate-cutting cycle in September, gold prices have been under phase pressure. However, the demand for gold investment, which is sensitive to interest rates, remains in a growth cycle, while the risks of global geopolitical conflicts are also intensifying, which has phase-driven the demand for gold as a safe haven. Looking ahead to 2025, the industry generally believes that the Federal Reserve's actions and the movement of the U.S. dollar will continue to be important driving factors for gold