Spring 2024: global gold prices at all-time high

In the Eurozone, the price of gold reached its all-time high of 72.39* € per gram on 12 April and now stands at just over 70 € – a 52-week gain of 19 per cent. In the US, the precious metal reached its all-time high of 2,425 US$ per troy ounce on 20 May. But are gold prices also moving from one all-time high to the next in other regions of the world?

Record month of May: gold in Asia and other major markets

Major gold buyers such as China and India saw gold prices reach all-time highs in May 2024: on the 20th of the month, the precious metal reached its absolute record value in yuan at 17,730 per troy ounce, and in India on 17 May at 204,101 rupees. In Japan, gold reached its all-time high of 381,872 yen on 21 May. European investors outside the EU were also more than satisfied with the performance of the precious metal: in the UK, gold reached its record high to date of 1,951.5 £ per ounce on 19 April and currently stands at its second-highest price of 1,926. In Switzerland, gold stood at its all-time high of 71.29 Swiss francs per gram on 21 May.

Eurozone on the verge of interest rate turnaround

As ECB Director Isabel Schnabel announced on 22 May, an interest rate turnaround is planned in the Eurozone with a first rate cut in June 2024, provided general conditions do not change significantly in the coming weeks. This could further support the gold price – as could the entirely unresolved geopolitical crises, which show no signs of easing so far. Many market experts agree that the old stock market adage ‘Sell in May and go away’ is unlikely to apply to gold investors this year.