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Gold in 2024: Record Highs Fuelled by Geopolitical Tensions and Economic Uncertainty
– Solomon Global unpacks a pivotal year for the precious metal and previews what’s ahead in 2025 –
LONDON, Jan. 7, 2025 /PRNewswire/ — In 2024 gold saw substantial growth, reaching record highs amidst a backdrop of global instability and shifting economic and political conditions.
Paul Williams, Managing Director of Solomon Global, the specialist supplier of LBMA-approved gold and silver bars and coins, explores the key factors behind gold’s surge and how, in 2024, the precious metal reaffirmed its role as a trusted store of value in volatile times. Looking to 2025, Williams offers insights into what could shape gold’s future trajectory amidst ongoing global challenges.
Gold’s meteoric rise in 2024
The gold price surged by 27% in 2024, closing at $2624.49 per troy ounce on December 31st[1]. The ‘barbarous relic’ hit 39 all-time highs (dollar) over the year, representing a historic milestone and surpassing previous records set during other periods of economic and geopolitical instability. The rise was driven by a complex interplay of global factors that underscored gold’s enduring role as a safe-haven asset.
Despite the Fed halving its forecast on the size of rate cuts in 2025, the main demand or price drivers that propelled gold to record highs throughout 2024 are likely to continue this year.
Here is a look at the different factors in a little more focus.
Geopolitical tensions fuelling demand
The continuing conflict between Russia and Ukraine, compounded by mounting tensions in the Middle East, saw investors flee to gold, traditionally seen as a stable store of value during times of conflict. Sadly, there seems little hope of a diplomatic solution to the intensifying situations in Ukraine or the Middle East, and 2025 could even see an escalation.
Continued demand from central banks and emerging markets
Gold is seen as a reliable reserve asset, and many global central banks increased their gold holdings over 2024. Nations like China, Russia, and Turkey ramped up their gold reserves, seeking to reduce dependence on the U.S. dollar amid an increased move to de-dollarisation. This trend looks set to continue, or even increase, as more banks diversify from US treasuries, and could provide further upward momentum for gold. Additionally, rising wealth in emerging markets continues to drive demand, especially during economic or political uncertainty. This strategic move by central banks underscored a broader shift in the global financial system.
Inflation and economic concerns
The global outlook remained uncertain in 2024, with inflation fears persisting in major economies. While the U.S. Federal Reserve and other central banks made efforts to control inflation through interest rate adjustments, the impact of rising costs of living and wage pressures continued to weigh on consumer sentiment.
Gold’s traditional role as a hedge against inflation drew investors as they sought a safer alternative for preserving wealth. If economic conditions worsen in 2025, leading to a global slowdown or recession, investors will likely continue flocking to gold. Weak economic data or slowing growth could support higher prices. The potential for a return of rising inflation will continue to influence gold’s price.
UK Perspective: a new Labour government and the pound’s volatility
The incoming Labour government’s focus on fiscal responsibility and wealth redistribution led to fears that higher CGT rates could be introduced to fund public spending. This speculation prompted a surge in purchases of legal tender gold coins, which are exempt from CGT. The Royal Mint reported a sharp increase in demand for these coins in the third quarter of 2024 with revenues increasing by 110% from July to September 2024 (compared to the same period of 2023).
Political uncertainty also contributed to volatility in the pound. While the pound’s performance remained relatively strong early in the year, concerns about Labour’s economic policies following Rachel Reeves’ maiden budget on October 30th contributed to sterling recording its longest stretch of weekly losses in almost six years.
A weaker pound typically translates to higher gold prices for UK investors, as gold is priced in dollars. This currency dynamic meant that UK-based gold holders enjoyed amplified returns when the pound dipped against the dollar.
All-time highs, investor sentiment and gold’s continued appeal
Throughout 2024, gold prices tested new highs, reflecting broader market anxieties. The psychological threshold of $2,500 per ounce was breached in August for the first time as a combination of geopolitical events and economic uncertainty converged, and the precious metal reached its highest price ever on October 30th, when it traded for a record-breaking $2790.07. Despite a pullback from this level, investor sentiment has remained bullish.
Whilst there are potential headwinds for gold, including a more Hawkish Fed, a myriad of factors could provide further upward momentum for the metal in 2025. Central banks look set to continue their gold-buying trajectory; the Central Bank of China – the world’s second-largest economy – resumed gold purchases in December for the first time in seven months. The macroeconomic outlook still looks weak; geopolitical uncertainty persists, as do high global debt levels and long-term inflationary pressures. Trump’s tariffs, far from being detrimental, could support gold. The costs of tariffs, essentially taxes on imported goods, are often passed down to consumers as higher prices. For gold investors, such policies present unique opportunities, primarily because tariffs often create economic uncertainty and inflationary pressures—two conditions under which gold historically thrives.
“2024 underscored gold’s timeless role as a safe-haven asset. In a world grappling with geopolitical conflicts and economic uncertainty, gold has provided stability and security for investors,” said Paul Williams, Managing Director of Solomon Global. “The record highs achieved this year reflect not just market conditions but also a broader sentiment of caution and hedging against risk. This context looks set to continue in 2025.”
For more information about Solomon Global’s products and services, visit the website at https://solomon-global.com.
[1] Data taken from https://goldprice.org/
NOTES TO EDITORS
About Solomon Global
Solomon Global specialises in supplying LBMA-approved gold and silver bars and coins that can be delivered directly to customers’ doors or stored in its highly recommended high-security storage vaults. The company takes a uniquely consultative approach to purchasing and selling physical gold and silver, regardless of the investment amount. Its simple and tailored strategy is designed to work with beginners and experienced investors alike.
Solomon Global’s team of experienced professionals is always available to provide practical solutions for clients – including products that are exempt from Capital Gains Tax – and assist with any inquiries.
For any questions about buying or selling gold and silver, contact the team here: https://solomon-global.com/contact/
For further press information, please contact: Francesca De Franco on 0794 125 3135 or email [email protected]
[i] Disclaimer: This press release is for informational purposes only and does not constitute financial advice. Buying physical gold as an investment involves risk, as the value of precious metal prices can be volatile. Historical financial performance does not necessarily give a guide of future financial performance. We recommend that you conduct your own independent research and seek professional tax, legal and financial advice before making any investment decisions.
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Fintech PR
Markel appoints Grant Smith to lead its Transport and Logistics team in International Specialty
LONDON, Jan. 8, 2025 /PRNewswire/ — Markel, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced that Grant Smith is to head up its Transport and Logistics team, with immediate effect.
In his expanded role, Smith will be responsible for defining the underwriting strategy for the Transport and Logistics team, centered on driving sustainable, profitable growth. Smith will also be tasked with expanding market share, driving product development and further establishing Markel as a market leader in transport and logistics.
Smith takes on his new role in addition to his responsibilities as Director of Marine and Energy Liabilities – a role he was appointed to in August 2024. He will continue to report to Tom Hillier, Managing Director, International Specialty, at Markel.
Hillier commented: “Transport and logistics companies currently face a heightened risk environment, due to global economic contraction, heightened geopolitical tensions and increasing technological and regulatory risks. At times such as these, it’s crucial that companies have the right insurance partner who can help ensure they have comprehensive insurance cover in place that meets their evolving needs.
“I’m therefore delighted that Grant will be leading our Transport and Logistics team. Grant has already made a significant impact and contribution to Markel since joining earlier this year. His leadership, knowledge and experience of underwriting these classes of business will be hugely important as we continue to partner with clients and brokers and help them to navigate this evolving risk landscape.”
Smith has extensive knowledge of the insurance market, having spent more than 17 years of his career working in various underwriting and leadership positions across these classes of business. Prior to joining Markel in August 2024, he worked as Portfolio Manager Specialty at QBE European Operations – a role he held since 2014. Before joining QBE as a Marine and Energy Liability Underwriter in 2011, Smith had spent five years working in various underwriting roles across marine and aviation at Travelers.
About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.
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Fintech PR
NFP Acquires HR Suite, a Leading Irish Human Resources Consultancy and Training Specialist
NFP’s first acquisition of an Ireland-based HR services business will strengthen the company’s portfolio of human capital solutions
DUBLIN, Jan. 8, 2025 /PRNewswire/ — NFP, an Aon company and a leading international brokerage and consulting firm, today announced its acquisition of The HR Suite, a leading human resources consultancy and training business with offices across Ireland. Caroline Reidy, managing director and founder of The HR Suite, will lead NFP’s specialist HR division in Ireland and report to Colm Power, managing director, NFP in Ireland.
“We’re excited to welcome Caroline and The HR Suite team to NFP,” said Matt Pawley, president, NFP in Europe. “The team’s undeniable knowledge and expertise, combined with our shared core values and dedication to enhancing client outcomes, provide a solid foundation for many future successes. I can’t think of a better person or group to spearhead our HR division in Ireland and can’t wait to collaborate on delivering exceptional solutions and capabilities to clients.”
Established in 2009, The HR Suite offers HR system solutions and HR outsourcing services to help large employers, multinational companies and small and medium-sized enterprises improve and streamline their human resources functions. As the firm’s founder, Caroline Reidy has become a recognised, well-respected author and speaker in the HR space and beyond.
“We’re thrilled to join NFP in Ireland and create more value for our employees and clients,” said Reidy. “Our service and commitment to delivering exceptional HR offerings remain the same, and with NFP’s global solutions and resources we can now offer more comprehensive solutions and support to clients in Ireland, including outplacement, employee benefits, pension, and health and safety.”
About NFP
NFP, an Aon company, is an organisation of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. We are more than 7,700 colleagues in the UK, Ireland, US, Puerto Rico and Canada serving a diversity of clients, industries and communities. Our global capabilities, specialised expertise and customised solutions span commercial business insurance, employee benefits, people consultancy, health and safety, and individual financial planning. Together, we put people first, prioritise partnerships and continuously advance a culture we’re proud of. Visit www.nfpireland.ie to learn more.
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HAMILTON, Bermuda, Jan. 8, 2025 /PRNewswire/ — HashKey Group (“HashKey”), a leading end-to-end digital asset financial services group in Asia, today announced that HashKey Europe Limited (“HEL”) a member of the HashKey Group has obtained Virtual Asset Service Provider (VASP) registration approval from the Central Bank of Ireland. This is HashKey Group’s first VASP license fully compliant with the EU’s Fifth Anti-Money Laundering Directive (AMLD5), underscoring its commitment to building a global Web3 ecosystem within a highly compliant regulatory framework.
The VASP registration allows HashKey Europe Limited to provide a wide range of regulated services, including:
- Exchange between virtual assets and fiat currencies
- Exchange between one or more forms of virtual assets
- Transfer of virtual assets, that is to say, conduct a transaction on behalf of another person that moves a virtual asset from one virtual asset addressor account to another
- Custodian wallet services
Ben El-Baz, Managing Director at HashKey Global, said: “Securing VASP registration from the Central Bank of Ireland represents a significant milestone in HashKey’s global exchange business expansion. It underscores our steadfast commitment to compliance, security, and building trust. We are excited to establish a new presence in the EU, bringing us one step closer to aligning with MiCA regulations and advancing our mission to drive responsible innovation in the digital asset space.”
Prior to securing VASP approval in Ireland, HashKey Group had obtained licenses in Hong Kong, Singapore, Japan, and Bermuda, positioning itself as a trusted global leader in the virtual asset industry. HashKey Europe Limited is registered and supervised by the Central Bank of Ireland for Anti-Money Laundering and Countering the Financing of Terrorism purposes only.
HashKey Group remains dedicated to supporting the sustainable growth of the virtual economy by ensuring compliance with international regulations, delivering value-added services, and fostering trust within the ecosystem.
About HashKey Group
HashKey Group is a leading digital asset financial services group in Asia with global operations in regions such as Hong Kong, Singapore, Japan, and Bermuda. Since 2018, HashKey Group has built a global Web3 ecosystem within a high-compliance regulatory framework, including HashKey Exchange, a licensed virtual asset exchange regulated by the Hong Kong SFC; HashKey Global, the global flagship digital asset exchange; HashKey Capital, a global asset manager investing exclusively in blockchain technology and digital assets; HashKey OTC, the compliant over-the-counter (OTC) trading arm of HashKey Group, HashKey Cloud, a leading provider of global Web3 infrastructure; and HashKey Tokenisation, a tokenisation services provider.
HashKey Group also possesses a rich on-chain ecosystem, having developed the Ethereum Layer 2, HashKey Chain, and has listed the HashKey platform token HSK. HashKey Group is committed to driving the mass application of blockchain technology, aiming to provide trustworthy and accessible digital asset services to one billion global users.
View original content:https://www.prnewswire.co.uk/news-releases/hashkey-receives-vasp-registration-approval-from-the-central-bank-of-ireland-302345555.html
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