For the first time in history, a single gold bar has reached a value of one million dollars. This milestone was achieved on Friday when the spot price of gold exceeded $2,500 per troy ounce, setting a new record. Given that gold bars usually weigh around 400 ounces, each now surpasses the $1 million mark.
Gold prices are reaching new highs, with analysts predicting further records, including a potential rise to $3,000 per troy ounce next year as the U.S. Federal Reserve meeting approaches. "2024 is expected to see multiple peaks for gold," said Sabrin Chowdhury, head of commodities analysis at BMI, highlighting gold's role as a safe-haven asset. She pointed to the heightened uncertainty from events like the upcoming US elections, Ukraine's renewed push into Russia, and escalating Middle East tensions.
Tensions between Israel and Iran are nearing a boiling point after Iran vowed retaliation for the recent assassination of Hamas political leader Ismail Haniyeh in Tehran. In response, Israel has placed its military on high alert, while the U.S. has deployed a carrier strike group and a guided-missile submarine to support Israel's defense.
Market Outlook
In the first half of this year, central banks purchased a net total of 483.3 tons of gold, equivalent to nearly 40,000 bars, according to a Bloomberg estimate. This surge in gold buying has been driven in part by expectations of a more accommodative monetary policy from the U.S. Federal Reserve. Lower interest rates decrease the opportunity cost of holding gold, making it more appealing compared to interest-bearing assets like Treasurys, which typically compete with gold as safe-haven investments.
Additionally, lower rates put downward pressure on the dollar, making dollar-denominated gold more attractive to investors holding other currencies. Citi analysts noted that gold investor sentiment is likely to remain positive over the next three to six months. They projected a target price of $3,000 per ounce by mid-2025, with an average price forecast of $2,550 per ounce for the fourth quarter of this year.
For more information about Gold Futures, find out more about How Worthy Is Gold in 2024 and 5 Things to Know About Gold Futures.
APEX Perpetual Gold Futures Contract Specifications
The APEX Perpetual Gold Futures Contract has the following specifications:
The Futures Contract has a minimum price fluctuation of US $0.10/troy ounce.
The last trading day of the contract month is not applicable as there is no maturity date.
APEX Perpetual Gold Futures symbol: AUP1/ AUP10/ AUP100
APEX Trading Hours are as follows (LBMA Gold Price AM Publication Day):
T Session:
06:55hr - 06:59hr (Pre-opening Session)
06:59hr - 07:00hr (Opening Match Session)
07:00hr - 18:00hr (Day Session)
T+1 Session:
20:25hr - 20:29hr (Pre-opening Session)
20:29hr - 20:30hr (Opening Match Session)
20:30hr - 05:00hr (Night Session)
Start Trading with Orient Futures Singapore
Being an Overseas Intermediary of Shanghai International Energy Exchange (INE), Dalian Commodity Exchange (DCE), and Zhengzhou Commodity Exchange (ZCE), when foreign clients participate in internationalised futures contracts in these Chinese markets with us, they have direct access to trading, clearing, and settlement. Our parent company, Shanghai Orient Futures, is the largest broker in terms of aggregated volume across the five regulated exchanges in China.
Orient Futures Singapore also currently holds memberships at the Singapore Exchange (SGX), Asia Pacific Exchange (APEX), and ICE Futures Singapore (ICE SG). Starting August 2023, corporate clients can also gain access to the B3 Exchange through us, opening additional trading avenues.
Expect streamlined processes and an easy-to-use interface designed for minimal latency, accompanied by our team's round-the-clock availability on trading days to provide assistance for all your trading needs.
