African nations are rushing to build their gold reserves to hedge against geopolitical tensions that have battered their currencies and fanned inflation. Nations from South Sudan, Zimbabwe and Nigeria have either taken steps to shore up their holdings or are considering doing so.

The market appetite for gold is at a fever pitch, as inflation data softens and the Fed ramps up the dovish signaling. But it’s not simply the prospect of rate cuts underpinning gold’s bull run — an array of factors have helped vault the precious-metal to its present all-time high.

Money managers’ wagers in gold jumped to the highest level in four years, signaling investor concerns surrounding the US presidential election campaign as well as renewed focus on the timing of Federal Reserve interest-rate cuts.

“While US recession fears are rising, our economists still see a soft landing with a stronger Fed reaction if the data turns weaker, either of which should support investor gold inflows”

With geopolitical tensions, expected interest rate cuts, inflation and central bank buying in focus, what is the gold price forecast for 2024 and beyond?

The precious metal can be volatile, but it is worthwhile to hold over time, counsels State Street’s Milling-Stanley.

Rhodium outperformed in H1’24

Traditional  correlations are breaking down..

The reclassification of gold, from its current status as a Tier 1 asset, as an HQLA would bring about enhanced market stability, improved liquidity, regulatory compliance benefits, greater confidence and trust in the financial system, and overall economic and financial stability.