Despite increased volatility in recent weeks, the gold price has been predicted to stay above $2000 throughout 2024. Indeed, economists have pointed to geopolitical and economic circumstances as driving factors to the metal’s continued ascension. Subsequently, interest rate cuts planned for next year could keep it elevated above the $2000 level.
Earlier this month gold made waves by reaching a new all-time high. Specifically, the asset exceeded the $2150 price in the middle of December. Although it has since retreated amid a price correction, the asset is projected to still be highly valuable next year.
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Experts Say Gold Price Should Stay Above $2000 Through Next Year
This year has seen a host of investment options break through into greater ascension. The digital asset sector has blossomed as a Spot Bitcoin ETF is nearing approval. Moreover, the value of gold has reached new heights as the US economic situation continues to unfold.
Now, the gold price is predicted to stay above $2000 throughout 2024, as part of upgraded forecasts. Specifically, economists have made the forecast while stating the metal’s future is both “promising and precarious” according to a Zawya report.
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Market Analyst Rania Gule stated that the $2000 level appears to be a safe bet in the short term. “It’s worth noting that my long-term bullish outlook for gold relies on several drives, particularly when the Federal Reserve begins cutting interest rates,” they added. “However, I expect economic, political, and geopolitical risks to remain high in 2024, supporting gold as a haven.”
The metal has long been viewed as a haven asset throughout history, which is why it has ascended particularly high throughout this year. With interest rate cuts on the horizon, certain risks will still maintain their positive performance. Currently, gold is trading at $2060 as it remains above the key $2000 threshold.