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Gold crossed the psychological $3,000/oz barrier in mid-March trading sessions, capturing global attention from investors and media alike.
While hitting triple zeros makes headlines, the truly significant aspect is gold’s unprecedented pace of appreciation. The metal has reached over 40 new all-time highs in 2024 alone, and the latest $500 increment happened eight times faster than historical averages – just 210 days compared to the typical 1,700 days for previous $500 increments.
This extraordinary momentum has pushed gold three standard deviations above its 200-day moving average, suggesting a “perfect storm” for the precious metal. Though some consolidation may occur due to the speed of the recent advance, the fundamental drivers remain firmly in place: persistent geopolitical and economic uncertainties, rising inflation expectations, anticipated interest rate cuts, and continued weakness in the US dollar – all combining to fuel strong investment demand for gold.
