The spot price of gold set a new record Friday, inching past the $2,500 mark, to briefly hit $2,500.99 an ounce.

At the time of publication, the spot price of gold was trading just under $2,500, at $2,499 an ounce.

The new benchmark was not unexpected, especially after gold futures hit $2,500 last week. Still, it’s yet another indication of the ongoing strength of the yellow metal. Its spot price first crossed the $2,100 mark in December 2023, and initially hit $2,400 in April.

A J.P. Morgan note from mid-July predicted gold would be the best-performing commodity this year. It pointed to a number of reasons for bullion’s remarkable resilience, even though the bank admitted that the rally has “come earlier than expected.”

“Amid fraying geopolitics, increased sanctioning and de-dollarization, we observe an increased appetite to buy real assets including gold,” said Gregory Shearer, J.P. Morgan’s head of base and precious metals strategy.

Still, some were surprised that the metal’s price continued to rise this week, amid good economic news in the United States, including a strong retail report in July.

Photo: Getty Images

 

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