Critical Minerals and Energy Intelligence. Stay Ahead.

Gold set for best performance in more than 10 years

Gold is set for its best annual performance in more than 10 years, up 28% in November 2024, according to the World Gold Council’s latest report. In particular:

  • gold price has increased more than 28% in US dollars in 2024 so far, trading 22% higher than 2023 on average
  • gold reached 40 new record highs year-to-date
  • and total gold demand in Q3 2024 reached a record US$100 billion for the first time on record

Gold Major asset class performance y t d 2024 - The Oregon Group - Critical Minerals and Energy Intelligence

“Central bank and investor buying have more than offset a notable deceleration in consumer demand. Asian investors have been a near constant presence, while lower yields and a weakening US dollar in Q3 fueled Western investment flows. However, it is gold’s role as a hedge amidst rising market volatility and geopolitical risk that most likely explains its remarkable performance”

— World Gold Council, Gold Outlook 2025: Navigating rates, risk and growth

Central bank demand is forecast to end 2024 below previous records, but has remained strong, contributing to gold’s performance to an estimated 7%–10%

Gold Annual central bank and official sector demand 2024 - The Oregon Group - Critical Minerals and Energy Intelligence

Looking forward to 2025, the World Gold Council sugegsts final price performance will depend on the interaction of gold’s four key drivers: economic expansion; risk; opportunity cost; and momentum.

Our analysis on why investment in gold miners has not yet kept up with the gold price:

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The Oregon Group

The Oregon Group is an investment research team focused on critical minerals, mining, energy and geopolitics.

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