Gold price forecast 2024: Experts expect continued upward movement and possible record highs

Gold price forecast 2024: Experts expect continued upward movement and possible record highs

According to a report by www.finanzen.net,

The price of gold has risen sharply in recent months and is still above the $2,000 mark at the beginning of the new year. According to experts, the precious metal could continue its upward movement in 2024 and possibly reach new records.

The increase in gold prices last year was 13.05 percent, while other commodities such as copper, silver, platinum and oil either stagnated or lost value. In the fourth quarter of 2023, the price of gold rose by 11.57 percent and reached the $2,100 mark for the first time in its history.

Heraeus Precious Metals predicts that gold prices could reach new records in 2024, particularly due to an expected reduction in key interest rates by major central banks and further gold purchases by central banks. The trading house's experts assume that the price of gold could rise to $2,250.

Mike McGlone from Bloomberg Intelligence also expects the gold price to develop positively this year and sees gold in the early stages of a bull market. He believes that continued gold purchases by central banks could be a key driver for the continued rise in gold prices.

Additionally, an article from State Street Global Advisors highlights that improving investor perception of gold could lead to increased global demand and possible new highs. The development of the gold price depends primarily on three macroeconomic factors, including slower economic growth, stabilizing inflation and looser monetary policy.

Based on this analysis, gold prices could continue to rise in 2024, potentially outperforming all other commodities. This could have an impact on the market and the financial industry as investors could increase their investment in gold to benefit from this potential bull market.