Amid impressive performance from the asset throughout 2023’s final few months, the gold price forecast has officially been upgraded to $2200 for 2024. Indeed, the metal set a new all-time high in December, reaching $2150. Despite a price correction taking away gains in recent weeks, it is poised to continue an upswing come January.
Many experts have predicted that monetary policy action in the coming year will contribute to its positive direction. Indeed, the Federal Reserve has hinted at various interest rate cuts coming throughout next year. Therefore, many expect continued uptrends to be in store for gold.
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Gold Forecast for 2024 Upgraded to New All-Time High
The past year has certainly been a good one for a host of investment assets. Bitcoin and other cryptocurrencies have seen tremendous upward swings over the last few months. Moreover, gold has followed, reaching new heights throughout the early days of December.
Now, the gold price forecast has been upgraded, with experts now predicting a $2200 price point in 2024. Today, gold is trading at $2054 after standing firm at that level for the past few weeks. However, things could change as the United States monetary policy continues to shift in the coming year.
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“Gold looks like it will be well supported by several factors in 2024,” ANZ Bank strategists told FX Street. “The start of the rate cut cycle in the US, slowing economic growth, a weaker USD, strong central bank purchases, and elevated geopolitical risks.”
Thereafter, the bank stated their upgraded 12-month prediction to $2200 from the previously held $2150. Conversely, the factors previously stated create what could be a perfect storm for the gold price in the coming year. Especially if the Central Bank’s acquisition of the metal continues to reach record levels.
