Amid recent volatility, the gold price has most certainly seen an upswing, leading Wells Fargo to join a long list of financial institutions predicting a $2200 price point for the asset in 2024. As Federal Reserve interest rate cuts are expected in the coming year, the metal should perform positively.
Following its ascension to a new all-time high earlier this month, the asset saw a price correction deploy. However, even hints toward those rate cuts have seen the value increase. Today, the asset briefly surpassed the $2093 mark before retreating to its current price of $2077.
Also Read: Gold Price Predicted to Stay Above $2000 Throughout 2024
Wells Fargo Expects Big Things From Gold in 2024
Over the past few months, gold has certainly unveiled itself as one of the best-performing investment assets. Indeed, in December it reached a new all-time high, holding above $2150 for the first time since 2020. Subsequently, many have predicted similar behavior in the coming year.
Now, the gold price predictions have continued with Wells Fargo forecasting a $2200 price in 2024. Specifically, the bank joins a host of analysts who have shared their expectations for new highs next year. Especially as the Federal Reserve signals for at least three rate cuts to come.
Also Read: Gold Price Forecast Upgraded to $2200 in 2024
Eased inflation pressures left the Fed with no choice but to maintain interest rates unchanged. Moreover, their statements at the latest policy meetings indicated that they were undoubtedly on the way. These circumstances, and geopolitical pressure have catapulted the anticipation of where gold could go in the coming months.
Now, Wells Fargo is the latest to forecast the asset to increase by leaps and bounds in 2024. Previous predictions have also stated that the metal could remain above $2100 for much of the year. If that were to take place, it could be the best year the asset has ever had.