First Eagle Gold Fund Q4 2024 Commentary

2025-03-04 08:27:00 ET

Summary

• Gold Fund A Shares (without sales charge*) posted a return of -10.11% in fourth quarter 2024. Gold bullion and gold-related equities both detracted.
• Disparate forces battled for supremacy over the direction of gold’s price during the fourth quarter of 2024, the weakest in what was a noteworthy year for the metal.
• The announcement of a ceasefire between Israel and Hezbollah in late November again eased demand for perceived safe haven assets like gold, but a rebel offensive on Syria’s Assad regime soon sparked another mini-rally.

Market Overview

Disparate forces battled for supremacy over the direction of gold’s price during the fourth quarter of 2024, the weakest in what was a noteworthy year for the metal. Buffeted by the contradictory influences of rising interest rates on one side and escalating geopolitical tensions on the other, gold finished a volatile quarter down 0.4%.1...

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