On September 23, 2024, the price of gold soared to a new all-time high of $2,629 per ounce. This significant increase follows a 0.5% interest rate cut by the Federal Reserve, aimed at stimulating the economy. The rate cut, coupled with ongoing geopolitical tensions, has driven investors towards the safe-haven asset of gold.
The geopolitical landscape remains volatile, with conflicts involving Russia, Ukraine, Israel, and Hamas contributing to market uncertainty. These tensions have further fueled the demand for gold, pushing its price to unprecedented levels.
In parallel, Bitcoin has also shown strong performance, reaching a four-week high of $64,660. Analysts are optimistic about Bitcoin’s potential to hit new all-time highs before the end of 2024, driven by similar factors affecting gold, such as economic policies and geopolitical instability.
As both gold and Bitcoin continue to attract investors, the financial markets are closely watching the developments in these assets, which are often seen as hedges against economic and political uncertainties.
