Gold continues to be red hot, with prices repeatedly hitting record highs. Prices of the precious metal hit a new all-time high of $2,531.60 per ounce on Tuesday, after reaching a previous record last week. Spot gold prices were last around $2,490 on Friday. Gold mining stocks have, unsurprisingly, ridden the wave, with the VanEck Gold Miners ETF on Tuesday hitting its highest level since mid-April 2022. And several analysts say the precious metal is set to go even higher.
Meanwhile, ANZ Research says that demand for the precious metal could remain strong. "We see China's gold imports remaining elevated on an annualized basis, while India's improving rural incomes and import duty cuts will boost its gold consumption in coming months," ANZ strategists wrote. "Central bank purchases have moderated, but we expect annual buying to reach 800t in 2024.