Gold Price Skyrockets: Analysts Predict Stability till 2024

• Gold Price Hits New All-Time High with Potential for Further Increases
• Gold's Rising Popularity among Investors
• Expert Predictions for Gold's Future
• Factors Influencing Gold's Price

Gold Price Hits New All-Time High with Potential for Further Increases

Last week, the price of gold reached an unparalleled high, topping at the $2100 mark. This increase has left numerous market analysts predicting the potential for additional gains in the asset. Despite a recent pullback from its all-time high, the prognosis for gold's price trajectory throughout 2024 remains positive. The precious metal's value exceeded its 2020 highs last week, with its first-ever breach of the $2100 level occurring on Sunday evening. Currently, gold has suffered a significant drop in price, trading at $2018, a 14% decrease over the past 24 hours. Nonetheless, market experts continue to hold high expectations for this asset.

Gold's Rising Popularity among Investors

In recent months, gold has experienced a revival of interest from investors. Viewed as a hedge against inflation, gold's soaring price is a reasonable response to current economic conditions. As the asset's value continues to rise, it is speculated to sustain its upward trend as 2023 draws to a close.

Expert Predictions for Gold's Future

As the price of gold touched a new record of $2100, numerous market experts prophesied sustained gains throughout 2024. Despite a recent dip, the asset has shown a consistent increase in its value over the past two months. Many analysts project that the price will not fall below the $2000 level in the coming year.

Heng Koon How of UOB, speaking to CNBC, discussed the expected pricing of the metal in the upcoming year. He mentioned, The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold. Also, Nickey Shields of MKS PAMP suggested to CNBC that $2200 is now in view given the current market conditions.

Factors Influencing Gold's Price

Economic development and Central Bank activity will play a crucial role in determining the movement of the asset's price. There's significant momentum to be leveraged as the year winds down. Despite the recent price decrease, a strategic shift in policy from the Federal Reserve next year could provoke an increase in demand, potentially impacting its value positively.

Edited by Jonathan Stoker