Gold Price Forecast Predicts Rise to $2200 by 2024

• Gold Price Forecast Updated to $2200 for 2024 Following Stellar Performance
• 2024 Gold Forecast Elevates to a New Record High
• Factors Supporting Gold Price in 2024

Gold Price Forecast Updated to $2200 for 2024 Following Stellar Performance

In the closing months of 2023, gold demonstrated a remarkable performance. Consequently, the gold price forecast for 2024 has been adjusted to $2200. The precious metal achieved a new all-time high in December, reaching $2150. Although recent price corrections have somewhat diminished gains, the potential for further increase in January remains high.

Many analysts suggest that monetary policy changes in the coming year will foster this upward trend. Notably, the Federal Reserve has insinuated potential interest rate reductions throughout the next year, leading many to anticipate continued growth for gold prices.

2024 Gold Forecast Elevates to a New Record High

Several investment assets, including Bitcoin$42,260 -0.64% and other cryptocurrencies, have experienced substantial growth in the past year. Gold has similarly ascended, reaching unprecedented levels in the early days of December. The gold price forecast has consequently been raised, with experts now expecting a $2200 price point in 2024. Currently, gold stands solid at $2054, a position it has maintained for several weeks. However, as the US monetary policy evolves in the coming year, this could change.

Factors Supporting Gold Price in 2024

Gold appears to be underpinned by several factors in 2024, strategy analysts at ANZ Bank informed FX Street. They mentioned the onset of the US rate cut cycle, slowing economic growth, a weaker USD, robust central bank purchases, and heightened geopolitical risks. Following this, the bank revised their 12-month prediction upwards to $2200 from the prior $2150.

The aforementioned factors could potentially create an ideal environment for the gold price to surge in the upcoming year. This is especially relevant if the Central Bank's purchase of the metal continues to break records.

Edited by Jonathan Stoker