The journey of the gold price

In 2024, a troy ounce of gold cost an average of around 2,395 US dollars. That was 23.3% more than the previous year. A comparison of the gold price in 2024 with the pre-pandemic year of 2019 shows a price increase of around 72%. This is because the pandemic and the war in Ukraine caused uncertainty and the urge to invest in gold. This year, the price of the precious metal rose by around 30%. Gold recently peaked at a good 3,500 US dollars per troy ounce. Today, fears of a tariff war are having an impact and there is strong demand from China and other countries. Incidentally, the Chinese central bank increased its gold reserves for the sixth time in a row in April. This is shown by official data from the People’s Bank of China. The high gold prices have therefore not deterred China’s central bank. China is now sitting on 73.77 million troy ounces of gold, at least according to the official figures. This shows the country’s intention to become less dependent on government bonds and the US dollar. To achieve this, the currency reserves need to be diversified. Gold bars and coins sold 30% more in China in the first quarter of 2025 than in the same quarter of the previous year.

 Chart technicians are currently assuming that the upward trend in the gold price is active again. They expect the price rally to gain further momentum. If the price of the precious metal rises above USD 3,438 per ounce, the next target would be USD 3,545 to 3,565. In addition to physical gold in the portfolio, investors should also focus on gold shares of solid companies. These could include Sierra Madre Gold and Silver or Fortuna Mining

Sierra Madre Gold and Silver – https://www.commodity-tv.com/ondemand/companies/profil/sierra-madre-gold-silver/ – started production at its Guitarra project in Mexico at the beginning of 2025.

Fortuna Mining – https://www.commodity-tv.com/ondemand/companies/profil/fortuna-mining-inc/ – is a successful gold and silver producer with projects in West Africa and Latin America.

Current company information and press releases from Sierra Madre Gold and Silver (- https://www.resource-capital.ch/en/companies/sierra-madre-gold-and-silver-ltd/ -) and Fortuna Mining (- https://www.resource-capital.ch/en/companies/fortuna-mining-corp/ -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

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