Monthly Analysis Report
August 2024
Gold Price - July 2024
(Prices per ounce)
Start: $2,322
Average: $2,396
Close: $2,447
Highest: $2,483 (17-Jul)
Lowest: $2,322 (1-Jul)
JUL 2024 GOLD SPOT PRICE (US DOLLARS PER OUNCE)
Source: TradingView
Highlights
During July, gold continued its uptrend trajectory, rising from $2,322 / oz on July 1st, (its lowest point of the month), all the way to setting another all-time-high on July 17th at $2,483 / oz. Having tested a new ceiling, the gold price declined to $2,355 / oz by July 25th, followed by a solid recovery leading to closing the month at $2,447 / oz.
The balance of the month was a strong + 6.9% increase in price, equivalent to +$161 / oz. The average gold price during the month of July was $2,396 / oz.
As of July 31, 2024, gold's accrued price performance is:
1-Month: + 4.96%
6-Months: + 19.11%
Year to Date: + 18.64%
1-Year: + 25.89%
5 Years: + 73.24%
In the News
Lichtenstein-based Incrementum AG, recently issued the 2024 edition of "On the Road Again - The Gold/Gasoline Ratio", an interesting historic analysis on how far you can drive for an ounce of gold.
Goldman Sachs' "Which Commodities are the Best Hedge for Inflation?" article makes the case for Gold price reaching $2,700 / oz by the end of 2024.
With a more conservative approach, JP Morgan's "Will Gold Prices Hit Another All-Time-High in 2024?" forecasts gold price to average $2,500 / oz in QIV 2024, and $2,600 / oz in QIV 2025.
Quote of the Month
"We have gold because we cannot trust governments."
Herbert Hoover
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