Weekly Market Recap – November 4, 2024
2024 has been a banner year for gold. Now worth $2,736 per troy ounce, the precious metal has climbed over 30%, on pace for its best year since 1979, and set 41 all-time highs. Since gold doesn’t produce income, its price is typically inversely correlated to real interest rates. However, this year’s rally has come despite a ~32bp increase in 10-year real rates, suggesting other factors are driving prices higher.
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