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Gold surges 26% in 2024
Gold posts a 26% annual gain, its strongest performance since 2010, driven by easing U.S. monetary policy, geopolitical tensions, and record central bank purchases.
Gold recorded its strongest performance since 2010, gaining 26% amid monetary easing and geopolitical tensions.
Brent crude rose for a third session but closed the year slightly lower, pressured by global uncertainties.
Hang Seng Index surged 18% in 2024, ending four years of losses, buoyed by China's recovery measures.
Gold surged past $2,600 per ounce on Tuesday, delivering its best annual performance since 2010 with a 26% gain in 2024. The rally was fueled by easing U.S. monetary policy, geopolitical tensions, and record-breaking central bank purchases. Despite a brief setback after Donald Trump’s election win in November, the metal outpaced most commodities, defying a stronger U.S. dollar and rising Treasury yields that typically dampen its appeal.
Looking ahead, gold investors are navigating uncertainty around U.S. monetary policy, challenges under Trump’s presidency, and China’s economic recovery efforts, which could shape demand in 2025.
Brent crude also showed resilience, rising for a third straight session to $74.5 per barrel. The gains were underpinned by improving economic signals from China, the world’s largest crude importer, where factory activity expanded for a third consecutive month. Despite these recent advances, Brent is poised for a slight annual decline after months of trading within a narrow range. The oil market faces key uncertainties next year, including risks of oversupply, geopolitical tensions, and potential shifts in U.S. energy policy under the new administration.
In equities, the Hang Seng Index in Hong Kong capped off an 18% surge for 2024, breaking a four-year losing streak. Gains in property and financial stocks, coupled with improving PMI data from China, lifted sentiment. The index ended December up 3.3%, supported by measures introduced in the second half of the year to stabilize China’s economy. Optimism is growing for 2025, with bets on increased fiscal spending and continued monetary easing from the People’s Bank of China (PBoC).
As markets transition into 2025, investors remain cautious, balancing optimism about fiscal and monetary support against global economic and geopolitical challenges.
