According to a survey by the London Bullion Market Association, analysts are predicting that gold could reach new record prices in 2024, with an average annual price of $2,059 per ounce, an increase of 6.1% compared to last year. While some analysts are more bullish on gold, others are relatively more reserved in their estimates, predicting a trading range of $1,825 to $2,400. The main driving factors for gold prices are expected to be U.S. monetary policy, central bank demand, and geopolitical risk.
On the other hand, silver is also expected to see significant volatility in 2024, with analysts predicting an average annual price of $24.80 per ounce. The predicted trading range for silver is wide, with estimates from $18 to $32. Analysts are looking to factors such as the Federal Reserve’s interest rate cuts, economic growth, and the relationship between gold and silver prices as potential drivers for silver prices in 2024.
Platinum prices are forecasted to average $1,015 per ounce in 2024, while palladium prices are expected to remain in a downtrend, with an average annual price of $1,060.10 per ounce. Analysts are more positive about the outlook for platinum due to rising auto demand and increased applications in environmental and pollution control.
While analysts have varying outlooks for these precious metals, it’s clear that there is overall optimism about the potential for record prices in 2024. Despite differing opinions, all analysts surveyed expect gold to achieve new all-time highs this year, indicating a general bullish sentiment in the precious metals market. As seen from the survey, a wide range of factors, including monetary policy, central bank demand, and geopolitical risks, could impact the prices of gold and silver in the coming year. Additionally, the divergence in analysts’ estimates suggests that there may be significant volatility ahead. With the potential for rising prices, investors in precious metals should keep an eye on the market and the various factors influencing its movements.
