Gold has shed over 6% of its year-to-date (YTD) gains, stumbling after a sharp early November retracement, as it recedes behind silver despite its stellar performance earlier in the year.
For eight consecutive months, from March through September, gold surged to remarkable highs, closing each month in positive territory and reaching an impressive peak of $2,749.30 per ounce.
However, the narrative shifted in early November, with prices retreating to $2,607.00 per ounce, despite heightened trading activity surpassing 1.1 million.
This reversal has eroded gold’s earlier gains, with its YTD performance dropping from 32.70% in September to about 25.95% in November, as it struggles to hold the $2,600 range amid shifting macroeconomic dynamics.
Market trend
Gold began 2024 trading at $2,071 per ounce, attempting to recover from the previous year’s low of $1,885.
- Its performance was rocky in January, but the metal regained its footing in March, buoyed by rising demand for safe-haven…