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The GOLD price reached a new all-time high last week, hitting the $2100 mark, as many analysts have noted room for even more gainst. Although the asset has since retreated from that position, many foresee a positive price development throughout 2024. The precious metal surpassed 2020 highs last week, with Sunday evening marking its first ascension beyond the $2100 level. Currently, the price has seen a stark decline from those figures. Specifically, the asset is trading at $2018 and down 14% over the last 24 hours. However, many experts are still maintaining their high hopes. Also Read: Don’t Expect Gold Prices To Stop at $2,100: Market Analysis Gold Price Sets New All-Time High With Room to Grow? For the last few months, GOLD has seen a resurgence from investors. Seen as an inflation defense, the asset’s surging price is understandable considering economic circumstances. However, amid its growth, some predict it to continue surging as 2023 comes to a close. Indeed,...

Amid its sustained rally beyond the $2,000 mark, the Gold price is set to surpass record highs in 2024. Indeed, the precious metal is set to match the highs that it saw in 2020, as it has reached heights of $2,038.45 this week. Subsequently, new highs are not out of the question as 2023 comes to a close. Gold has long been perceived for its value against inflationary concerns. Therefore, as the United States’ economic situation continues to develop, the rising investment interest in GOLD has increased. Now, many are expecting that increase to continue well into next year. Also Read: AI Predicts Gold Price for December 2023 (XAU/USD) Gold Price to Reach New Highs in 2024? The past year has seen a very fragile US economy attempt to fight off inflation. Indeed, the Federal Reserve has embraced a tightening campaign that saw them raise interest rates for a year straight. Subsequently, that activity had a major effect on certain markets, with GOLD certainly leading the wa...

BRICS nation China is on a GOLD accumulation spree by stockpiling the precious metal in the country’s reserves. China raised its GOLD holding by 8.09 tons in April, according to data from the State Administration of Foreign Exchange. Apart from China, the other BRICS nations Brazil, Russia, India, and South Africa are also extending GOLD purchases through their respective Central Banks. Also Read: Europe Might Get Ready To Accept BRICS Currency Source: tradingeconomics.com BRICS: Why Is China Buying Large Amounts of Gold? Source: see.news Reports suggest that the soon-to-be-released BRICS currency could be backed by gold and therefore the bloc of nations is splurging on the metal. China is leading the pack by accumulating massive amounts of gold in both Q1 and Q2 of 2023. China has a total of 2,076 tons of gold accumulated in a year after an increase of 120 tons through March. In April, the reserves grew by another 8.09 tons making the BRICS bloc the top buyer of gold. ...