2024 looks to be the year that keeps on giving for gold with yet another all-time price high etched into the record books, barely 48 hours into April. This latest milestone comes on the back of multiple new highs in March – showing just how brightly gold is shining right now.
The new price record came during trading yesterday (Tuesday) and saw prices spike to £1,819 ($2,297). The surge was driven by safe haven demand following an increase in aggressions in the Middle East.
On Monday, an Israeli air strike resulted in the death of seven aid workers who were in the region as part of the World Central Kitchen humanitarian aid mission in Gaza. The bombing has been condemned by global leaders and has seen some aid organisations cease activities, with calls growing for the resignation of Israeli prime minister, Benjamin Netanyahu.
There are additional fears that Iran could also step in to the conflict, after it claimed an Israeli air strike destroyed part of its embassy in Syria.
The safe haven demand has overshadowed all other data, including stronger manufacturing data. With the bulls now eying £1,828 ($2,300) as their next target, you’ll need to move quickly to buy before yet another price high is triggered.
