ANZ Bank strategists predict that the price of gold will continue to rise in 2024 due to a combination of factors such as easing monetary policy, geopolitical tensions, and increased central bank purchases. They anticipate that the start of a rate cut cycle in the US, slowing economic growth, a weaker USD, and weak investment demand will contribute to the upward momentum of gold prices.
The strategists also suggest that the current market conditions present an opportunity for investors to increase their exposure to gold. As a result, they have revised their 12-month price forecast for gold to $2,200, up from $2,150.
In addition to the factors highlighted in the article, it’s important to note that gold is often seen as a hedge against inflation and a safe haven asset during times of uncertainty. As global economic and political landscape remain uncertain, investors may continue to flock to gold as a way to protect their portfolios from potential risks and market volatility. This increased demand for gold could further support the upward trajectory of its price in the coming year.
