Gold prices averaged USD 2,689 per troy ounce in October, up 4.7% from September. On 31 October, the commodity traded at USD 2,741 per troy ounce, up 4.1% from 30 September.
Gold rose from September’s average in October due to increased safe-haven demand in the build-up to the U.S. elections, and amid rising geopolitical tensions in the Middle East; prices climbed to a fresh all-time high of USD 2,784 per troy ounce on 30 October. Sturdy central bank purchases and surging demand in India due to festivities added momentum to the price rally. That said, a stronger U.S. dollar and higher U.S. treasury bill yields likely capped investment demand.
This chart displays Gold (US$/toz) from 2022 to 2024.
Gold LBMA (prices in US$/toz, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gold LBMA | 1,889 | 1,978 | 1,928 | 1,977 | 2,072 | 2,338 | 2,474 | - |