Gold Hit A New All-Time High on Tuesday. The Precious Metal Surged 2% in the Last Week to $2,401

Gold ($GC=F) is the most popular precious metal amongst investors, who view it as a means of diversifying risk, especially via derivatives and futures contracts.

On Friday, April 12, Gold prices hit a new-year record high of $2,400 as demand continued to rise amidst rising geopolitical sessions, marking the 17th record high of the year.

Gold futures for delivery in June surged by $44, or 1.8%, reaching $2,417 per ounce, hovering near its peak for the day. Thursday saw the 16th occasion of a record closing in 2024, as the precious metal climbed by $24.30, or 1%, to end at $2,372.70 per ounce on Comex.

Chinese demand for gold, geopolitical crises, and Federal Reserve cuts are some of the drivers of the rally.

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