Gold Price Rally: 735 Days Strong – Markets News
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Gold Price Surges to $4,000: A Historic Climb
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The Speed of the Rally: A Historical Perspective
The rally in gold prices from its recent trough to the milestone mark of $4,000 per ounce (oz) hit on October 09 is just ‘735 days young’, according to a recent note by the World Gold Council (WGC).
While it took another 7 days to breach the record $4,200/oz mark, the $500 climb from $3500/oz to $4,000/oz level is the fastest in gold’s history, WGC reports.Prices, WGC says, have more headroom amid intermittent corrections.
“The pace of gold’s ascent is striking, with prices rising from $3,500/oz to $4,000/oz in just 36 days – far quicker than the historical average of 1,036 days taken to achieve similar $500/oz gains,” WGC stated. CLICK HERE FOR THE GRAPHIC
Comparing Current Run to Past Bull Markets
Gold’s recent run, WGC notes, remains below the average duration and magnitude of previous bull runs. The yellow metal took 856 days to reach its peak level between August 1976 and January 1980; 1,162 days between December 2015 to August 2020; and 1,168 days between January 2007 and September 2011, data shows.
| Bull Run Period | Duration (Days) |
|---|---|
| August 1976 – January 1980 | 856 |
| december 2015 – august 2020 | 1,162 |