The gold value has skyrocketed in 2024 thus far, with the metal reaching all-time high marks throughout the year. However, the increasing gold price doesn’t appear to be slowing down soon, as JPMorgan predicts further gains amid the asset’s $2,400 target.
Indeed, the bank discussed the assets in a report from earlier this year. They noted the uncertainty of the modern economic market, with inflation and geopolitical concerns abounding. Subsequently, the identity of gold is the premiere safety play, with the demand unlikely to pull back in the foreseeable future, with uncertainty only increasing.
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JPMorgan Expects Gold Demand to Continued as Analysts Predict $2,400 Mark
The gold market has been incredibly prosperous to this point in the year. Although the asset had high hopes on the tail end of 2023, no one could have predicted its continued ascension. In March, the asset reached its most recent all-time high of $2,195 earlier this month.
Since then, the metal has been performing well, and many expect that to continue. Indeed, the gold price could rise as JPMorgan predicts further gains and loathes analysts to identify a $2,400 target.
Specifically, the bank issued a report at the start of 2024 that noted the root causes of the gold market increase. Identifying geopolitical conflicts, inflation, and central bank purchases, those facest have not changed three months in. Therefore, the market shouldn’t expect any drop off in demand entering April.
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Matt Willer of Pheonix Capital Group Holdings also told CBS News that amid growing uncertainty, “the more gold is viewed as a safe haven.” Moreover, he noted the current landscape excludes, “tension around the world, an election year, [and] elevated interest rates, which all perpetuate the flow of funds it gold.”
Stephen Akin, investment advisor at Akin Investments, told the publication that technical indicators are “good for the long term” when it comes to gold’s value. Moreover, he noted the price could “rise to $2,300 to $2,400 with a one- to two-year time period,” setting the stage for a rally that would have it sustained at an ATH level.