Gold prices have surged by more than 30% in 2024, reaching record highs due to increasing global economic uncertainty. While this boom benefits investors, South Africa's mining sector struggles to capitalize on the gains due to structural challenges.
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Gold prices have surged by more than 30% in 2024, repeatedly hitting record highs as global economic uncertainty drives demand for the precious metal.
According to Bianca Botes, director at Citadel Global, even though the price of gold has been increasing since 2018, 2024 had seen record highs.“The demand for gold is significant in what it tells us about the global economic landscape, as well as the central banks’ demand for it,” she said. In a statement released in June, the bank said it had helped facilitate the delivery of over 2 200 gold Krugerrand coins on its trading platforms over the last year, as more consumers sought to diversify their investment portfolios.
The unreliable electricity supply, illegal mining, theft and other crime and heightened input costs were significant constraints on production.
Gold Prices Economic Uncertainty Mining Sector Safe-Haven Asset Krugerrands
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