Gold Prices Predicted to Hit Record Highs of $2,300 in 2024

Contact Your Elected Officials
The Epoch Times Header

The U.S. Fedโ€™s rate cuts, elevated central bank gold buying, and geopolitical and economic uncertainties are expected to boost the yellow metal.

After prices jumped in 2023, gold is entering 2024 with many experts suggesting the safe haven asset could hit record highs this year.

In 2023, gold prices jumped from around $1,823 per oz. to $2,062 per oz.โ€”an increase of over 13 percentโ€”making it the best year for the yellow metal since 2020. On Dec. 4, gold hit a record-high price of $2,135.40 per oz. For 2024, experts predict gold prices to move higher.

โ€œFollowing on from a surprisingly robust performance in 2023, we see further price gains in 2024, driven by a trifecta of momentum chasing hedge funds, central banks continuing to buy physical gold at a firm pace, and not least renewed demand from ETF investors,โ€ said Saxo Bankโ€™s Ole Hansen, according to Reuters.

JP Morgan predicts gold to see a โ€œbreakout rallyโ€ starting in the middle of this year due to Federal Reserveโ€™s interest rate cuts. The bank expects gold to hit a peak of $2,300. Meanwhile, UBS projects gold prices to hit $2,150 by the end of this year if the rate cuts were to take place.

Gold saw major ups and downs in 2023, as one event after another affected investor perception. In May, the U.S. banking crisis pushed gold down to a low of $1,810 per oz. by early October. However, the Hamas attack on Israel that month triggered tensions and gold prices have been rising since then.

In November, the SPDR Gold Shares ETF, a popular exchange-traded fund tracking gold, saw net inflows of more than $1 billion, breaking five consecutive months of outflows. This was also the strongest month of net inflow since March 2022, highlighting growing investor confidence in gold amid uncertain conditions.

An Oct. 31 update by the World Gold Council (WGC) revealed that global central banks collectively bought โ€œan astonishingโ€ 800 tons of gold in the first three quarters of 2023. This is a 14 percent increase in gold buying compared with the same period last year.

Byย Naveen Athrappully

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Transitioning from Regulatory Sclerosis to Arbitrary State Capitalism

The Trump administration is moving from reducing the size and regulatory power of the federal government to the formation of State Capitalism.

Gen Z and Crystallized Intelligence

Weโ€™ve created a new malaise: media fatigue and information overload, or โ€œdata smog,โ€ which has sharply accelerated in recent years.

Meet the Fairy From Hell in Charge of Vaccines at CDC Until Last Week

Picture the creepiest leather-daddy gimp at your local Prideโ„ข festival. Thatโ€™s this guy, Demetre Daskalakis, who ran the entire federal govt vaccine program.

The Clinton-Epstein Connection We Did Not Know

One attorney's inside info about D.C. and the relationship the Clintonโ€™s had with the late child sex pedophile Jeffrey Epstein

Faith under fire

Over half of historyโ€™s 70M Christian martyrs were killed in the 20th century, amid totalitarian regimes, purges, and ethnic violence.

Grand Jury Declines to Indict Woman Who Threatened Trump

A grand jury has declined to indict a woman who threatened President Donald Trump on social media, her lawyers said on Sept. 1.

Trump Admin Violated Law With Troop Deployment in LA, Judge Rules

A federal judge in California has ruled that the Trump administration unlawfully used Marines and National Guard troops in Los Angeles.

Kentucky Ends In-State College Tuition for Illegal Immigrants After DOJ Lawsuit

Kentucky agreed to end a policy that had allowed illegal immigrants to access in-state college tuition rates, following a lawsuit by the DOJ.

Gold Hits All-Time High Amid Rate Cut Expectations

Gold prices hit an all-time high on Tuesday amid expectations of an interest rate cut and growing uncertainty related to tariffs.

Trump Takes Aim at Crime in Chicago After Dozens Shot Over Weekend

President Trump said that he will โ€œsoonโ€ take actions to deal with crime in Chicago, weeks after he sent National Guard troops to Washington, D.C.

Trump Says India Offered Zero Tariffs After Decades of โ€˜One-Sidedโ€™ Trade

President Trump said India offered to cut tariffs on U.S. goods to zero, calling it a long-overdue fix for decades of one-sided trade.

Trump Says He Will Issue Executive Order to Require Voter ID

โ€œVoter I.D. Must Be Part of Every Single Vote. No exceptions!โ€ Trump wrote on a post on Truth Social. โ€œI Will Be Doing An Executive Order To That End!!!โ€

Appeals Court Rules Most of Trumpโ€™s Tariffs Are Illegal

The judges let the import taxes stay in place...
spot_img

Related Articles