Analyst Predicts Gold Prices Rising to $2,100 in Q2 2024

• Gold Prices Fall Below $2,000 Mark, Future Projections Look Promising
• Market Expectations From US Inflation Data and FOMC Meeting
• Forecasted Rebound of Gold Prices to $2,100 in Q2 2024
• Price Resurgence After Correction Period
• Gold Could Rise 50% in 2024
• Gold: A Potential Safe Haven in 2024 Despite Negative Expectations

Gold Prices Fall Below $2,000 Mark, Future Projections Look Promising

As of Monday, gold prices have experienced a dip below the $2,000 mark, following a previous peak of $2,100 within the current month of December. At present, the precious metal is trading at around $1,987, with the market intensely focused on upcoming US CPI data.

Market Expectations From US Inflation Data and FOMC Meeting

The US inflation report and the FOMC meeting are expected to play significant roles in defining the future trajectory of the market. The keenly-awaited Consumer Price Index (CPI) data will be released on December 12, 2023, at 8:30 AM ET. Market sentiments and the subsequent reaction of gold prices to the CPI report are projected to be in sync.

Forecasted Rebound of Gold Prices to $2,100 in Q2 2024

Gold and commodity experts from Capex anticipate a potential rise in the price of the yellow metal back to the $2,100 level in the second quarter of 2024. Gold prices saw a 20% rise in the third and fourth quarters of 2023, and are currently undergoing a correction. This correction phase is characterized by institutional investors cashing in their profits, leading to a large sell-off which is impacting the market charts negatively.

Price Resurgence After Correction Period

Once this period of correction and profit booking concludes, gold prices are expected to surge once again. A recent price forecast suggests that gold prices could hit the $2,100 mark in the second quarter of the upcoming year.

Gold Could Rise 50% in 2024

Senior commodity strategist at Bloomberg, Mike McGlone, predicts a possible 50% increase in gold prices in 2024. According to his analysis, prices of gold could steadily ascend to reach a new all-time high of $3,000 by the close of 2024.

Gold: A Potential Safe Haven in 2024 Despite Negative Expectations

Despite the prevailing negative expectations, all indications point towards gold having its best year in 2024. In the event of a recession in the US markets next year, gold is expected to become a favored investment for traders. Known as a safe haven during market corrections, gold also serves as a hedge against inflation.

Edited by Jonathan Stoker