In 2024, gold experienced its most significant annual performance since 2010, driven by robust central bank purchases, geopolitical tensions and monetary policy easing by major global banks. The spot price of gold increased by over 26% during the year, reaching multiple record highs, including a peak of US$2,790.15 on Oct 31.
This surge was supported by increased demand from central banks and investors seeking safe-haven assets amid global uncertainties. Notably, Asian net gold imports via Hong Kong rose to a seven-month high in November, reflecting heightened interest in gold ahead of the Lunar New Year celebrations.
The strong performance of gold also positively impacted gold mining companies. For instance, Agnico Eagle Mines, a leading gold miner, reported a 165% increase in earnings per share in the recent quarter, with its stock price doubling over eight months.
Looking ahead, analysts have mixed forecasts for gold prices in 2025. Some projections suggest that gold could trade between US$2,613.89 and US$3,683.95, while others anticipate prices reaching up to US$4,151 by November 2025.
Overall, gold's impressive performance in 2024 underscores its enduring appeal as a safe-haven asset during times of economic and geopolitical uncertainty.
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