Gold up more than 25 per cent in almost all major currencies

In the first nine months of this year, the price of gold rose sharply in all regions and currencies – in most cases by more than 25 per cent. According to historical data from the Xetra^® trading platform, the gold price per gram in the Eurozone increased by 27.7 per cent from €60.59 on 2 January to €77.42 on 1 October 2024. By comparison, the price of gold in euros rose by just 2 per cent in the same period of 2023 and by 7.7 per cent in the same period in 2022.

Strong gold price performance across Europe and America

According to the latest edition of the World Gold Council's “Gold Market Commentary”, the price of gold in the US has risen by 26.5 per cent so far this year, while in neighbouring Canada it has risen by as much as 29.1 per cent. The precious metal has also performed strongly in European countries outside the Eurozone: in Switzerland, gold has increased by 27 per cent, while rising in the UK by “a mere” 20.2 per cent, bringing up the rear in a global comparison of the major currencies. The gold price rose the most in Turkey: the still high inflation fuelled a 46.6 per cent increase during the first nine months of 2024.

Similarly high increase in the price of gold in Asia and emerging markets 

The precious metal rose by 28.4 per cent in Japan in the first three quarters of 2024, and by 25.1 per cent in China. Gold also increased by 27.4 per cent in India. However, according to the World Gold Council's latest “Gold ETF Flows” report, this has not dampened demand for gold funds. Since the beginning of the year, gold holdings managed in ETFs in Asia have grown by 35 per cent, while outflows have decreased in the other regions. In the third quarter of 2024, all regions finally witnessed positive net inflows. As at 30 September, the overall balance of all inflows and outflows was positive for the first time this year.