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Mixed start for global stock markets as gold prices surge in 2024

Investors return to a volatile week as Asian holidays dampen trading. Meanwhile, gold shines bright—could $5,000 per ounce be next by 2026?

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2 min read
In this image we can see stores, beverage tins, menu boards, clock, spices in the plastic...
In this image we can see stores, beverage tins, menu boards, clock, spices in the plastic containers, condiments, advertisement boards, name boards and sky.

Mixed start for global stock markets as gold prices surge in 2024

Global stock markets showed mixed movements this week as trading resumed after the New Year. While Asian markets experienced limited activity due to holidays, US indices saw slight declines. Meanwhile, precious metals like gold and silver continued their upward trend, with analysts forecasting further gains in the coming years.

Major Asian stock exchanges remained closed on Wednesday for year-end and New Year celebrations. Tokyo and South Korean markets extended their shutdown into Thursday, leaving regional trading subdued. In China, the Hang Seng index slipped 0.5% to 25,715.16, while the Shanghai Composite inched up less than 0.1% to 3,966.39. Taiwan’s Taiex bucked the trend, climbing 0.7% to 28,893.59. Australia’s S&P/ASX 200 also saw a minor dip of 0.1%, closing at 8,706.40.

In the US, Wall Street reopened on Wednesday after the holiday break. The Dow Jones Industrial Average fell 94.87 points to 48,367.06, while the Nasdaq composite dropped 55.27 points to 23,419.08. The S&P 500 declined by 9.50 points to 6,894.24, though it remains on track for an annual gain exceeding 17%. Gold prices rose 1.4% to $4,386.30 per ounce, with forecasts suggesting further increases. The World Gold Council predicts prices could reach between $4,500 and $5,000 per ounce by 2026, driven by central bank demand, potential Federal Reserve rate cuts, and geopolitical tensions. Silver prices may also surge, with projections of $75 to $109 per ounce by late 2026. This growth is expected due to rising industrial demand from sectors like solar energy, electric vehicles, AI, and semiconductors, as well as China’s upcoming export restrictions on the metal starting January 1, 2026.

The first trading days of the year reflected cautious investor sentiment, with modest declines in key indices. Precious metals, however, continued their strong performance, supported by both industrial demand and macroeconomic factors. Analysts anticipate sustained upward pressure on gold and silver prices in the medium term.

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