Gold performance in euros 2024 currently up 33 per cent

The outcome of the US elections and the resulting strength of the US dollar led to a significant drop of the gold price in the US over the first two weeks of November. Starting from an all-time high of US$2,787 at the end of October, the price per ounce of gold fell by up to US$240 intermittently, a drop of 9.5 per cent. By 21 November, the gold price had recovered and climbed to US$2,662. As the US dollar appreciated sharply against other currencies, the gold price across other regions decreased less dramatically.

Euro gold gained a third in value even after the price slump

On the first trading day of 2024, the price per gram of gold in the Eurozone stood at €60.59 and rose to its all-time high of €82.44 over the course of the gold rally until 30 October. After the US election, gold had dropped to €78.17 by 14 November, a loss of 5.4 per cent – a significantly less dramatic dip than the dollar price. From mid-November, gold recovered and stood at €80.81 on 21 November. Compared to the beginning of 2024, this is an increase of 33 per cent and a year-to-date performance achieved by hardly any other asset class.

Similar gold performances in other currency regions

In the UK, the spot price per ounce of gold was recently GBP2,114, up 31.5 per cent compared to GBP1,607 at the start of the year. In Asia, too, investors have thus far been able to enjoy substantial increases in the value of their gold investments. China saw the precious metal appreciate by 31.4 per cent in 2024, and India by 31.8 per cent. In Japan, gold even rose by 38.7 per cent year-to-date. In Australia, the gold price is up 35.1 per cent year-to-date, and in Canada 36.38 per cent. The precious metal has thus increased in value by a third or more almost everywhere in the world.