The gold price forecast for 2024 has been upgraded to $2200, following an impressive performance from the precious metal in the final months of 2023. Despite a recent price correction, which saw gains taken away, experts are optimistic about the future, projecting continued upward trends for gold in the coming year.
One of the contributing factors to this positive outlook is the anticipated monetary policy action in the United States, with the Federal Reserve hinting at potential interest rate cuts throughout 2024. Additionally, other factors such as slowing economic growth, a weaker USD, strong central bank purchases, and elevated geopolitical risks are expected to provide support for gold prices.
ANZ Bank strategists highlighted the various factors supporting gold’s performance in 2024 and revised their 12-month prediction to $2200 from the previously held $2150. They emphasized the start of the rate cut cycle in the US, which could contribute to the metal’s upswing in the coming year.
Furthermore, if central bank acquisitions of gold continue to reach record levels, it could create a perfect storm for the gold price, potentially driving it further upward.
This all indicates that gold is expected to remain a strong investment asset in the upcoming year, with the potential to reach new highs. As the broader economic landscape evolves, it is clear that gold is poised to be a key player in the investment market, offering stability and potential growth for investors.
