Headline: "Gold Nears $3,000 as Investors Seek Safe Haven Amid Turmoil"

Gold prices reached new heights, breaking a record at $2,740.37 per ounce on Monday, as investors turned to the precious metal amid global geopolitical tensions, contentious U.S. elections, and a favorable economic environment. Analysts now view the once-distant $3,000-per-ounce mark as a potential new benchmark.

The precious metal is experiencing its best year since 2007, with a rise of over 31% in 2024 alone. This year, gold has set new records 33 times. The surge in gold prices is attributed to investors seeking to diversify portfolios due to concerns over rising U.S. public debt, potential systemic risks in financial markets, and the possibility of corrections in high-valued stock markets, according to consultancy Metals Focus.

Metals Focus also predicts that gold could reach $2,800 by the end of the year, with global interest rate cuts continuing to support gold's appeal until more clarity is provided on the duration and ultimate level of the rate-cutting cycle.

While high gold prices have reduced jewelry consumption, mine production is expected to hit record levels in 2024, with recycling anticipated to increase by 5%. Central banks continue to purchase gold, albeit at a slower pace than before.

Despite weaker physical demand and rising supply, the momentum behind gold's value remains strong. Online marketplace BullionVault is experiencing the most significant influx of new accounts since the conflict between Russia and Ukraine began in March 2022.