Brighter than ever: what has driven the rise in gold and silver prices

Two metals are gaining prominence among commodities in 2024: gold and silver.

As is well known, when economic uncertainty is lurking, gold appears as the best ally to secure finances, but silver is not far behind. This material has little by little made its way as a less traditional safe haven asset, driving its price upward.

(Read more: New gold ‘fever’?: factors that have driven the demand for this asset in 2024)

To better understand the performance that these precious metals are registering, Just look at the numbers.

According to ‘Bloomberg’ figures, from January to October 15, gold has advanced 29.08%. Silver, for its part, shows an advance in its value of close to 32.38% in the same period of time.

In fact, The first began 2024 trading at $2,062.98 per ounce and rose to a price of $2,662.9 in mid-October; while the second went from a price of 23.79 dollars to reach 31.50 dollars in the first fortnight of the same month.

(See: These are the advantages of starting to invest in gold, according to an expert)

(Read more: The effect of durian, the smelliest fruit in the world, on the rise in the price of coffee)

What has driven its rise?

Analysts perceive this change in trend as a reaction by investors to the current political and economic scenario in the world. Estimates show that traders remain attentive to the results of the upcoming US presidential elections, as well as the behavior of the demand for metals in China.

Gold in particular has been boosted by rising interest rates, as changes in monetary policy tend to influence the price of this asset. Added to this is the evolution that the dollar has had throughout the year, leading to this metal reaching a record price.

Its rebound also responds to the decisions that central banks are making and their bets on increasing their reserves.

(See: Expand or contract?: how these policies work and what is their economic impact)

PORTFOLIO