The gold price reached a new all-time high last week, hitting the $2100 mark, as many analysts have noted room for even more gainst. Although the asset has since retreated from that position, many foresee a positive price development throughout 2024.
The precious metal surpassed 2020 highs last week, with Sunday evening marking its first ascension beyond the $2100 level. Currently, the price has seen a stark decline from those figures. Specifically, the asset is trading at $2018 and down 14% over the last 24 hours. However, many experts are still maintaining their high hopes.
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Gold Price Sets New All-Time High With Room to Grow?
For the last few months, gold has seen a resurgence from investors. Seen as an inflation defense, the asset’s surging price is understandable considering economic circumstances. However, amid its growth, some predict it to continue surging as 2023 comes to a close.
Indeed, as the gold price reached a new record high of $2100, many experts have predicted gains throughout 2024. Susbeuqnlety, despite it being down today, the asset has noted growth in its value over the last two months. Many predict that the price should not dip below the $2000 level at all for the next year.
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Speaking to CNBC, Heng Koon How of UOB discussed the metals price over the coming year. “The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,” he stated. Additionally, Nickey Shields of MKS PAMP told the website that $2200 is now “in view” considering the current conditions.
Altogether, economic development and the Central Bank activity will be vital in the overall movement of the asset’s price. However, there is a lot of momentum to be harnessed as the year comes to a close. Despite its retreat in price, a policy pivot from the Federal Reserve next year could further drive up demand. Subsequently, impacting its value in a positive direction.