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Gold price rises: successful year 2023 & good prospects for 2024 - analysis & outlook
According to a report from finanzmarktwelt.de, the gold price has had a successful year. Not only did it reach a new all-time high, but it also closed above $2,000 per ounce for the first time. In calendar year 2023, gold gained over 13% in dollar terms, the highest annual increase since 2020. The prospect of falling key interest rates and yields opens up good prospects in the new year. The possibility of a change in interest rates by the Fed and ECB will continue to have a significant influence on the pace of the markets. There is already a growing discrepancy between market expectations and the Fed's reality, leading to increased volatility in...
Gold price rises: successful year 2023 & good prospects for 2024 - analysis & outlook
According to a report from finanzmarktwelt.de, the gold price has had a successful year. Not only did it reach a new all-time high, but it also closed above $2,000 per ounce for the first time. In calendar year 2023, gold gained over 13% in dollar terms, the highest annual increase since 2020. The prospect of falling key interest rates and yields opens up good prospects in the new year. The possibility of a change in interest rates by the Fed and ECB will continue to have a significant influence on the pace of the markets. There is already a growing discrepancy between market expectations and the Fed's reality, which may lead to increased volatility in returns.
In the coming weeks, the focus will increasingly be on economic and inflation data, particularly on the US labor market report. If labor market data remains stable, interest rate cut expectations may not be met, which could affect the price of gold. From a seasonal perspective, the rally in gold prices could extend beyond the new year as historical data suggests a positive development in January and February.
The price of gold is currently at a significant resistance zone, although a sustained breakout above it could bring the price of gold closer to its all-time high of $2,145. If the market assumes that the Fed will actually start cutting interest rates in March, there is a good chance that the price of gold will reach a new all-time high in the next few weeks or months. The medium-term targets are $2,194 and $2,239.
Overall, it can be foreseen that the developments of the Fed and ECB will have a significant influence on the further development of the gold price. The volatility of returns could also lead to fluctuations in the price of gold, with January and February historically being positive for gold prices. It will therefore be exciting to see how interest rate policy and economic data will develop in the coming weeks.
Read the source article at finanzmarktwelt.de