Gold prices skyrocketed in 2024 and surged by over 17.54% year-to-date printing new highs every month. The precious metal climbed above the $2,400 mark this week and is now gearing up to breach the $2,500 level. If gold prices find resistance at the $2,500 range, the bullish momentum could push it towards $2,700 in the next leg.
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The XAU/USD index, which tracks the performance of gold remained in the green for the majority of the time this year. Even during the dips, gold prices bounced back harder than expected making investors who brought the dip reap profits. The accumulating spree during the dip cemented its resistance level making it easier to catapult from the lows.
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A ‘Generational Event’ Occurring in Gold Prices, Says Analyst
Market analyst Michael Oliver explained that the surge in gold prices this year is just the beginning of a ‘generational event’. He said that those who miss out on the bull run will regret not making use of the once-in-a-lifetime opportunity. Not investing in gold could mean missing out on “what will likely be a generational event,” he said.
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According to Oliver, the current cycle is the most bullish for gold prices than at any time before. “This is not just another gold bull trend. Likely to be the most significant investment decision of one’s life, being in a monetary metal advance. Exit this market will be highly risky, you can miss what will likely be a generational event,” he said.
The analyst urged investors to not sell their gold as offloading the metal could only hurt their portfolios. The best way to make the most out of the bull rally is to accumulate more gold before the prices skyrocket further. Oliver mentioned that prices even at $2,450 are still undervalued and have more chances of an upward swing.