FX.co ★ Central bank purchases steer gold to new record high

Gold has once again hit an all-time high. The price of the yellow metal has soared on the New York Commodity Exchange, reaching $2,455 per troy ounce. According to analysts at Comex, this is a significant milestone in the history of the precious metal.

On July 16, gold gained 1.48%. As a result, the asset surpassed $2,455 per troy ounce and hit a new record high of $2,465 per troy ounce.

Experts attribute such a steep rise to record-high demand, driven by sustained bullion purchases by central banks around the world. Analysts at Goldman Sachs predict that this bullish trend could push the metal as high as $2,700 per troy ounce by the end of 2024.

The optimistic outlook for gold is echoed by central banks in developed countries, as indicated in a survey conducted by the World Gold Council. Many regulators expect further gains in gold prices amid a weaker dollar. This view is held by 60% of respondents, up from 38% a year ago. In addition, nearly 13% of advanced economies plan to increase their gold reserves in 2025.