Gold prices rise as China ends gold-buying hiatus, markets react to Syria turmoil. Gold is on track to achieve the biggest yearly gain of over $500 in 2024

Sharing is Caring!

Gold prices have indeed risen significantly in 2024. China’s central bank resumed gold purchases in November after a six-month hiatus, which has contributed to the increase in prices3. Additionally, geopolitical concerns, particularly the turmoil in Syria, have driven up demand for gold as a safe-haven asset.

As of now, gold prices have increased by approximately 28.29% since the beginning of the year, with the price per ounce reaching around $2,644.19. This means gold is on track for its biggest yearly gain in over a decade, with an increase of over $500 per ounce.

Since 2011, China had maintained prudent monetary policy stance for 14 straight years.

The last time China implemented moderately loose monetary policy was in the aftermath of global financial crisis in 2009 – 2010. https://t.co/dx0dz241Vs

— Cathy Yuan Zhang (@CathyYuanZhang) December 9, 2024

#Gold is on track to achieve the biggest yearly gain of over $500 in 2024, observed on linear gold charts.

The unstoppable momentum on quarterly charts suggests that gold could break the $3,000 milestone in 2025, driven by ongoing geopolitical uncertainty. pic.twitter.com/wpnQGMNmbF

— Gold Predictors (@GoldPredictors) December 9, 2024

🇨🇳#BREAKING #CHINA HOLDS POLITBURO MEETING.
THE MEETING STRESSED THAT CHINA WILL IMPLEMENT A MORE PROACTIVE FISCAL POLICY AND MODERATELY LOOSE MONETARY POLICY NEXT YEAR.
CHINA WILL ALSO VIGOROUSLY BOOST CONSUMPTION AND EXPAND DOMESTIC DEMAND ON ALL FRONTS.

FOR MORE NEWS FLASH,… pic.twitter.com/ou2sjI7CKc

— CN Wire (@Sino_Market) December 9, 2024

Gold morning!#Gold prices resuming upward moves as China announced over the weekend the official 6-month gold buying hiatus is over.

Fears about China’s gold appetite ending were simply not true. The market is reacting to this official resumption and the overthrow in Syria. pic.twitter.com/6R0qWvbHfv

— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) December 9, 2024

Did you know?

Gold became a Tier 1 asset in 2019.

Under Basel III regulations, physical gold now ranks alongside cash and government bonds as a top-tier reserve asset for banks.

This recognition changed the financial game. pic.twitter.com/XxKkdL7xKu

— GoldSilver HQ (@GoldSilverHQ) December 8, 2024

There have been two major catalysts this weekend that could cause gold to pop this evening when trading opens up again:

1) China announced that it’s buying gold for its official reserves once again after a six month pause:

In June, when China announced that it had stopped… pic.twitter.com/L13e5fst04

— Jesse Colombo (@TheBubbleBubble) December 8, 2024

Unprecedented collapse in gold volatility: 8 days with virtually no intraday moves as realized vol crashes to near record lows. A coiled spring, just waiting for a catalyst (China central bank resuming buying after 6 months break may be the trigger). pic.twitter.com/ye9yX5Zwrp

— zerohedge (@zerohedge) December 8, 2024