Gold Prices Reach Record Highs Amid Global Economic Uncertainty

The precious metal's value has surged over 30% in 2024, driven by geopolitical tensions, central bank purchases, and investor demand.

Gold prices have hit an all-time high of over $2,700 per ounce, marking a 33% increase since the beginning of the year.
Central banks, particularly from China, India, and Turkey, have significantly increased their gold reserves, contributing to the price surge.
Retailers like Costco have reported high demand for physical gold, with bars selling out quickly, reflecting strong consumer interest.
Geopolitical tensions, including conflicts involving Russia and the Middle East, have bolstered gold's appeal as a safe-haven asset.
Falling interest rates globally are expected to further support gold prices, as lower rates historically benefit the commodity.