Gold Tests 1980 Real Record High as BRICS Push 'New World Order'

Gold Price News By Adrian Ash – Tuesday 22nd October 2024

GOLD BULLION held at record high prices against a rising US Dollar on Tuesday as Western stock markets fell for a 2nd day, longer-term US borrowing costs touched 3-month highs, and the BRICS group of emerging-economy nations met in Russia to discuss a new "multi-polar" world order.

Matching yesterday afternoon's new London benchmark high of $2736 per Troy ounce around 3pm – the 4th in 4 sessions for the world's gold benchmark – the Dollar price of bullion then rose to a new all-time spot market high of $2743.

Adjusted by inflation, that put this month's average gold price at the 2nd highest on modern records, rising within $30 of February 1980's all-time monthly high of $2689 per Troy ounce in terms of current US Dollars.

US and other Western reserve-currency debt prices fell again, in contrast, pushing up the yield offered by 10-year Treasury debt – a benchmark for government, commercial, financial and household borrowing costs – to its highest in 13 weeks this morning, close to 4.20% before edging back to 4.17%.

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