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Copper and Gold Indicate Growing Economic Conditions of a Nation
By Shubhendra Anand , 27 February, 2024
Copper and gold are believed to be the main elements to decide the economic trends of the market. Experts believe these elements are essential to determine the market situation in 2024. Amidst geopolitical crisis and interest rate fluctuation in the United States, gold is forecast to break records in 2024. Simultaneously, copper is anticipated to receive more attention than expected throughout 2024.
Copper and gold are suitable conductive metals for industrial use; hence, the growing need implies robust growth in the development of a nation. According to the surveys, copper is considered the leading element affecting the economic condition of a nation, majorly in the electronics and power generation sectors. The growing demand for electric vehicles is expected to increase the demand for copper in the production level throughout 2024. The clean energy transition focuses on the growing production of electric vehicles. Thus, it may increase the use of copper. The electric vehicle adoption is expected to increase in 2024, indicating growing demand for copper in the market for 2024.
Gold is used in different electronics in the manufacturing sector as gold is highly reliable. Gold is required in all electronic devices, even a tiny amount. Gold is used in the healthcare sector, mainly in dentistry, cancer treatment, and others. Therefore, using gold in different spheres of the environment is an essential factor behind economic growth.According to surveys, the copper and gold ratio suggests a possible decline in production in 2024 following a usual correlation of 10 years of treasury production. The scenario 2024 shows that copper's market prices are at USD 3.89, indicating a decline of up to 0.63 percent in 2024. Similarly, in the case of gold, the market performance means a dip in market prices; it is at USD 2,062, showing a decline of 0.11 percent in 2024. Thus, copper and gold determine the economic condition better due to different metal applications in their respective fields.
Citi Sees Copper Topping Out at $15,000 by 2025
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Shubhendra Anand
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