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December 14, 2024
PI Global Investments
Gold

London gold price benchmark hits all-time high, LBMA says


“Yet again gold reinforces its diversification appeal with the new high reached today,” Ruth Crowell, LMBA chief executive, said in a statement.

In the spot market, gold prices were anchored near a two-month peak on Monday, following last week’s tepid US economic data, which solidified bets for the Federal Reserve’s first interest rate cut of the year in June. Gold scaled a record peak of $2,135.40 in early December.

The precious metal has so far outperformed initial expectations this year. Reuters’ January poll of analysts expected gold to average $2,053.50 per ounce in 2024. The LBMA’s 2024 forecast survey saw it at $2,059.

“Given gold moved into overbought territory on this rally, a correction lower is possible. A reversion to the previous upward trend would return gold to around $2,050 per ounce,” analysts at Heraeus said in a note.

(By Polina Devitt; Editing by Sharon Singleton and Jonathan Oatis)





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