Gold has long been a trusted asset for investors who are seeking stability in uncertain times. Known for its ability to safeguard wealth during market turbulence, gold also functions as a reliable hedge against inflation. Its reputation as a store of value has also made it an integral part of many investment portfolios, offering protection against the volatility that can affect stocks, bonds and other asset classes.

Gold’s appeal has grown beyond its traditional role, though. Over the last year, the precious metal’s surprising but impressive bull run has been an added draw. The perfect storm of economic drivers has resulted in the precious metal experiencing a significant price surge in 2024, which has attracted not just seasoned investors but also those new to the market. The steady climb in value has also highlighted gold as one of the top-performing assets, prompting many investors to reevaluate its potential for both wealth preservation and growth.

But how much has gold’s price increased since the start of this year — and how much it could still grow in the months ahead? Let’s take a closer look at how much gold has increased in price in 2024 and what might come next for this precious metal.

Don’t wait. Add gold to your investment portfolio today.

How much has the price of gold increased so far this year?

This year has been a remarkable one for gold, as it has been marked by steady and significant price increases. On January 1, the price of gold stood at $2,063.73 per ounce. Fast forward to today, and gold is trading at $2,743.31 per ounce (as of October 23, 2024). This represents a substantial increase of $679.58 per ounce, translating to a growth rate of approximately 323% in just over 10 months.

This surge is even more impressive when you consider gold’s previous record highs. In August, the price reached $2,525 per ounce, a significant milestone at the time. However, gold continued to climb past that point, eventually surpassing that figure by over $200 per ounce. These gains underscore the extraordinary performance of gold in 2024, as it has consistently outpaced expectations and set new benchmarks.

What makes this year’s performance particularly striking is that gold is traditionally viewed as a long-term, stable asset rather than one known for rapid short-term gains. Historically, investors turn to gold for its ability to preserve value over time, especially during periods of economic uncertainty or inflation.

While steady growth is expected, the sharp rise of nearly 33% in just 10 months is unusual for an asset class that typically moves more slowly. But this year’s price surge is unique, as it reflects not only increased demand for gold but also unique market conditions — such as geopolitical tensions, inflationary pressures and shifts in central bank policies — that have amplified gold’s short-term value in a way not often seen.

Get started with investing in gold now.

Will the price of gold keep climbing?

Despite gold’s impressive performance so far, many analysts believe the precious metal has not hit its ceiling yet. A variety of factors could contribute to further price increases in the coming months.

One is that the global demand for gold remains robust, with emerging economies increasingly contributing to this demand. This expanded interest could push prices higher, as more investors across the globe turn to gold as a financial safeguard. Supply constraints are also influencing gold prices. The discovery of new gold deposits has slowed, and many of the remaining reserves are in hard-to-reach locations, making extraction both expensive and complex. With rising demand and limited supply, these dynamics could create an environment conducive to further price growth.

Moreover, gold’s evolving role in various industries adds another layer of demand. As technology advances, gold’s use in electronics, healthcare and renewable energy applications is increasing. These industrial uses are expected to continue expanding, potentially boosting demand even further. Central banks around the globe also continue to add to their gold reserves. This strategy, which is generally aimed at mitigating currency fluctuations and economic uncertainties, offers another strong foundation for future price increases. 

Given these factors, some experts predict that gold could reach new milestones by year-end, with some forecasts suggesting it may even approach or surpass the $3,000 per ounce mark. 

The bottom line

Gold’s extraordinary rise in 2024, with an increase of nearly 33% so far this year, highlights its strength as both a safe-haven asset and a surprisingly strong performer in the short term. While gold is typically seen as a long-term investment, the rapid price surge we’ve witnessed this year underscores the unique market conditions that have fueled its growth. 

As we look ahead, the combination of robust demand, supply challenges and evolving industrial applications suggests that gold’s upward trajectory could continue. So for investors considering gold, this might be an opportune moment to enter the market. With prices already high, waiting could mean paying even more per ounce soon. 

We know quality sleep is good for our overall health, but new research is pointing to its importance for brain health too. 

In the study, published Wednesday in online journal Neurology, researchers found people with poor sleep quality have more signs of poor brain health in late middle age. 

Of the 589 participants, those who reported two to three poor sleep characteristics had an average brain age that was 1.6 years older than those with no more than one poor sleep characteristic. And those with more than three poor sleep characteristics had an average brain age 2.6 years older.

Participants, who had an average age of 40 at the start of the study, completed sleep questionnaires about six sleep characteristics: short sleep duration, bad sleep quality, difficulty falling asleep, difficulty staying asleep, early morning awakening and daytime sleepiness.

Five years later, they completed the same survey. Then, 15 years after the study began, researchers examined participants’ brain scans where the level of brain shrinkage corresponded to a specific age.

“Of the sleep characteristics, bad sleep quality, difficulty falling asleep, difficulty staying asleep and early morning awakening were linked to greater brain age, especially when people consistently had these poor sleep characteristics over five years,” a news release for the study noted. 

A limitation of the study was that participants reported their own sleep problems, which could include inaccuracies. 

While the study does not prove causation, it shows an association between poor sleep quality and signs of brain aging — and experts say that’s important in furthering our understanding of the importance of sleep. 

“These findings show how important sleep is for our brains, especially as we get older. Getting enough good sleep can help keep our minds sharp and our overall health strong,” said Dr. Shelby Harris, a clinical psychologist specializing in behavioral sleep medicine and director of sleep health at Sleepopolis. 

What are risks of accelerated brain aging? 

Harris, who was not part of the study, says accelerated brain aging is associated with cognitive decline, memory issues and an increased risk of neurodegenerative diseases, including dementia. 

“When the brain ages prematurely, it can lead to a host of difficulties in daily functioning and mental clarity, significantly impacting quality of life,” she said. “Understanding these risks emphasizes the importance of prioritizing sleep as part of a healthy lifestyle.”

Dr. Fouzia Siddiqui, medical director of the sleep center at Sentara RMH Medical Center, who was not part of the study, said the risk of accelerated brain aging also includes effects on mood such as irritability, anger and outbursts as well as problems with attention, focus and concentration.

“Improving sleep would improve these symptoms as well,” she said. 

Tips to improve sleep quality

“The ideal way of improving your sleep is prioritizing your sleep,” Siddiqui said, which includes giving yourself enough hours of sleep, having an optimal sleep environment and avoiding disruptive pre-sleep activities like watching television in bed or using phones and other electronic devices.

“You may want to develop activities which help and are conducive to good sleep such as breathing techniques, meditation, prayers, and relaxation,” she advised. 

Harris recommends creating a regular sleep schedule and relaxing bedtime routine. 

“Cut back on caffeine and alcohol before bed, try relaxation techniques, and make sure you get enough exercise,” she said. “Even small, consistent changes can make a big difference in your sleep quality, which can lead to better overall health.”

If you’ve tried making changes consistently for two weeks and are still struggling, she advised talking to a doctor, who can help with proper evaluations and treatments.