Gold prices have surged to record highs for the fifth consecutive day, reaching $2,877 per ounce amid escalating US-China trade tensions. These price increases coincide with falling Treasury yields and weak performance in US stock markets, indicating a shift towards gold as a safe haven investment. With concerns about economic stability heightened by a larger-than-expected drop in job openings, demand for gold is projected to grow significantly in 2024, with the World Gold Council noting a 25% increase anticipated from the previous year. The trade war dynamics are central to this uncertainty, affecting global investment patterns.
Gold has hit record highs for the fifth consecutive day, surpassing $2,877 per ounce in spot trading, amid escalating US-China trade tensions.
Investment demand for gold is expected to grow by 25% in 2024 compared to 2023, influenced by economic uncertainties and geopolitical tensions.
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