Market performance and macro factors

The gold price appreciated 4.3% in Q2 2024 to end the quarter at $2,327. During the period, gold did generate several new all-time highs, however, with the new record price of $2,450 made after markets opened on 20th May. There were three key drivers of gold over the quarter: geopolitical risks, central bank purchases and macro factors captured through expectations of when the Fed will make its first rate cut this cycle.