Global Gold Prices Rise in Q3 2024 Amidst Geopolitical Risks

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Adi Ahdiat 03/10/2024 12:18 WIB

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According to World Bank data, gold prices continued their upward trend throughout the third quarter (July-September 2024), driven by rising geopolitical risks.

Average Global Gold Price (January 2020-September 2024)*

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Global Gold Prices Rise in Q3 2024 Amidst Geopolitical Risks

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Average Global Gold Price (January 2020-September 2024)*

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Based on World Bank data, gold prices rose steadily throughout the third quarter (July-September 2024).

By September 2024, the average price of 99.5% fine gold (London Fix Afternoon Price) had reached US$2,570 per troy ounce, a new record high in World Bank records.

According to the World Gold Council (WGC), the rise in gold prices in the third quarter of 2024 coincided with increased geopolitical risks.

"Geopolitical risks have risen again recently. The Ukrainian attack in early August, followed by Russia's largest air strikes since the beginning of the war, has escalated the conflict," said the WGC research team in their report, *Asset allocation implications in today’s chaotic world* (1/10/2024).

"Then, the assassination of the Hamas leader and retaliatory actions from Iran and Hezbollah increased geopolitical tensions in the Middle East. And most recently, the wave of explosions in Lebanon and Israel's declaration of a 'new phase of war' have raised new geopolitical concerns," they continued.

The WGC considers geopolitical risk a significant variable in driving gold prices.

"Based on our survey, geopolitical risk is a major driver prompting central banks to buy gold, which recently broke records," they stated.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Gold Prices Rise in Q3 2024 Amidst Geopolitical Risks

Global Gold Prices Rise in Q3 2024 Amidst Geopolitical Risks

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Global Gold Prices Rise in Q3 2024 Amidst Geopolitical Risks

Global Gold Prices Rise in Q3 2024 Amidst Geopolitical Risks

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