Gold Price Reaches Record High of $2,531.70 in August 2024. Experts predict that the price may exceed $2,600 in September, given the current economic conditions and demand for this precious metal.
The recent rise means that a standard 400 troy ounce gold bar now sells for more than $1 million. One of the main reasons for its popularity is the ongoing economic uncertainty. Gold has become a key asset this year.
How high can its price go in September? There is no denying the importance of gold in 2024. The metal has become a valuable asset, which has led to an increase in private and institutional investments during the year. With the development of BRICS, gold has become a key reserve asset amid uncertain economic realities. Gold is considered the safest asset in difficult times.
Moreover, amid inflation concerns in the US, investors are buying the metal to protect themselves from major losses. Global economic uncertainty caused by rising tensions between Israel and Iran is also driving AUX prices skyrocketing.
Growing interest in gold is expected to further boost the price of this precious metal in the coming months. September is just around the corner, and gold is currently trading at just over $2,500. The price shows no signs of going down: Gold has risen 4.8% in August and 24% since February, adding more than $480 an ounce over the past six months.
Supposed, that BRICS could back its new currency with gold rather than the US dollar or other local currencies. The alliance aims to return to the gold standard and maintain a multipolar world for all trade and transactions. The World Gold Council reported that BRICS has been the largest buyer of gold since 2022. The bloc has accumulated tons of the precious metal in reserves this year, which is driving up its price.
In September, it is very likely that the price of gold could exceed $2,600 and even more. Some market analysts suggest that it is heading towards the $3,000 mark. The yellow metal is quickly making its way and is heading to reach new all-time highs this fall.
Author's opinion: I won't say anything. Just dry numbers. Here are the data on gold reserves of the BRICS countries at the end of July 2024:
- China: 2,257 tons
- Russia: over 2,300 tons
- India: about 800 tons
- South Africa: 125 tons
- Brazil: 130 tons
- Iran: 250 tons
- UAE: 75 tons.
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