Gold and Silver conclude 2024: Gold records the largest annual increase since 2010, once approaching $2800

Influenced by multiple factors such as the central bank's gold buying spree, the Federal Reserve's interest rate cut, and regional situations, spot gold and silver prices have been climbing steadily. Gold significantly closed up 27% in 2024, marking the largest annual increase since 2010. It continuously hit new historical highs during this period, approaching $2800 at one point in October. Silver closed up 21%, reaching a more than ten-year high of $34.86 and is now hovering around $28.9 per ounce. Overall, gold performed better than silver with an annual cumulative increase of 4.8% in the gold-silver ratio.