Gold prices reached a record $2,772 per ounce in 2024, spurred by heightened demand from central banks, particularly in Asia, as they aim to diversify away from the U.S. dollar.
Investors turned to gold due to its strong returns—33% this year—outperforming other assets, while high inflation and global tensions drove interest further. The SPDR Gold ETF saw significant inflows of $5 billion, while Costco's gold bars sold out quickly. This surge underscores gold’s renewed appeal as a resilient and globally attractive investment.