After a slumping start to the week, the price of gold is stagnant at just over $2,300. In April, gold recorded a notable decline in value. However, throughout 2024 thus far, gold has performed well, seeing all-time highs on multiple occasions. This sparks bullish price predictions around the precious metal, and the projections remain despite the recent price correction.
Gold and Bitcoin still prove to be the most prominent assets in 2024. Their increase in prominence may be for different reasons, however, both provide optimism for future performance as the year continues. Contrastingly, recent corrections have diminished some of their tremendous gains this year. There’s still hope that May will show more gains for the asset, and it will rebound to previous predictions of $2,700.
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The Central Bank’s acquisition of gold is continuing to drive expectations for its price performance throughout this year. Additionally, Senior Director of Business Development at APMEX, Patrick Yip, told CBS News of the expectation that the asset will reach $2,600 by the end of the year. “There are a variety of factors in 2024 that will likely drive gold prices higher,” Yip said. “Geopolitical tensions, interest rate cuts, central bank buying,” and other factors influenced the expectation of continued gains.
With growing optimism around the metal, gold will be a top asset to keep an eye on in May, as good performances may indicate a strong summer. Moreover, if China and other BRICS continue swooping up the metal, its value will certainly increase as well. In the US, interest rate cuts may also affect the price positively, but the former may be a larger indicator.