As 2024 comes to a close, gold, silver, and copper have experienced notable price growth. Gold has had an outstanding year so far, with prices rising by more than 27%. The precious metal soared to an all-time high of $2,790 per ounce in October 2024, marking its strongest performance in decades. Investor demand surged amid geopolitical tensions, inflationary concerns, and a flight to safe-haven assets during periods of uncertainty. Gold’s enduring appeal as a store of value was reinforced as inflation and market volatility spooked investors, leading to a steady climb in its price throughout the year.
Silver also experienced substantial growth so far in 2024, gaining over 24%. Its price peaked at $34.72 per ounce on October 22, 2024, the highest level in 12 years. Silver’s rise was largely driven by booming industrial demand, particularly from the solar energy and electric vehicle sectors. As global economies accelerated their sustainability initiatives, silver became an increasingly critical material due to its key role in green technologies, such as photovoltaic cells and battery production.
Copper’s YTD growth of 5.37% reflects its steady demand, although it did not experience the same dramatic percentage increases as gold and silver. However, copper hit a record high of $5.20 per pound in May 2024, driven by its critical role in the renewable energy transition and advanced technologies. The metal is essential for clean energy infrastructure, electric vehicles, and the rapidly expanding AI industry, positioning copper as a cornerstone for future industrial development.