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Energy
The Australian Securities Exchange (ASX) experienced a remarkable year in 2024, with a staggering $35.9 billion raised across 1,271 transactions, leading the global market by transaction volume for the seventh consecutive year[1]. Amidst this robust capital market activity, gold played a significant role, particularly as geopolitical tensions and economic uncertainty drove investors towards safe-haven assets. This article explores how gold dominated the ASX capital raisings scene in 2024 and its implications for investors.
Geopolitical instability, notably escalating tensions in Eastern Europe and the Middle East, coupled with central bank buying, propelled gold prices to record highs in 2024[2]. On October 29, gold reached an all-time high of AU$4,230.70 per ounce in Australia, marking a significant milestone for gold investors[2]. The US Federal Reserve's interest rate decisions also influenced gold's attractiveness, as lower interest rates reduce the opportunity costs of holding gold and other precious metals[3].
Several ASX-listed gold companies were among the biggest gainers in 2024. Notably:
While gold was a standout performer, other sectors also capitalized on the robust capital-raising environment. Key trends and highlights include:
Gold's appeal as a safe-haven asset continued to grow throughout 2024, driven by central bank demand and geopolitical uncertainty. This trend is expected to persist in 2025, with ongoing tensions and economic uncertainties likely to support gold prices[3].
Central banks, especially in emerging markets like Turkey, India, and China, significantly increased their gold reserves in 2024. This robust demand helped maintain gold prices despite fluctuations in other asset classes[3].
For investors seeking broader exposure to gold, exchange-traded funds (ETFs) like ETFS Physical Gold (ASX:GOLD), Perth Mint Gold (ASX:PMGOLD), and BetaShares Gold Bullion (ASX:QAU) provide accessible investment options[2]. These ETFs allow investors to benefit from gold's price movements without directly holding physical gold.
As the ASX continues to thrive as a global capital-raising hub, gold's performance in 2024 highlighted its enduring appeal as a safe-haven asset. With geopolitical tensions and economic uncertainties likely to persist, gold is poised to remain a prominent player in ASX capital raisings in the coming year.
For investors, understanding the trends that shaped 2024 will be crucial for navigating the markets in 2025. As global economic conditions evolve, diversifying portfolios with assets like gold can provide a strategic hedge against volatility.
