The New Year of 2024 made gold prices put its best foot forward as it jumped 12 points on Tuesday. Gold prices are now hovering around the $2,075 mark and another leg-up could take it to $2,100. The prices of gold spiked nearly 18% in 2023 and commodity analysts have predicted that the yellow metal could have more upside swings this year in 2024. In this article, we will highlight the price target forecasted for gold in 2024.
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Gold Prices: New Prediction For 2024
Senior Bloomberg Commodity Analyst Mike McGlone predicts that gold prices could experience a historic breakout in 2024. According to McGlone, the precious metal could see an upward swing of up to 50% before the end of the year. The analyst predicts that gold might hit a new all-time high this year and touch $3,000 in 2024. That’s an estimated rise of nearly 50% from its current price of $2,075.
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McGlone wrote in his piece that gold prices could first reach $2,500 and begin consolidating in price. The next leg, according to McGlone is a stop at $2,750 during the mid-year. The rally could bring in more investors into the precious metal making its price head toward $3,000 next, he predicted. Read here to learn more details about the prediction from McGlone for a better and more in-depth understanding.
Gold prices benefit when the US dollar slips in price as investors believe the precious metal to be a safe haven. The conflict in the Middle East between Israel and Palestine is worrisome as it affects the global markets. Therefore, investors are expected to flock to gold this year to protect their finances from the worldwide turmoil.
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In addition, Mehak Srivastava, Head of Marketing at SahiBandhu Gold Loans agreed that the prices of the precious metal are anticipated to rise. “Experts and analysts in the sector anticipate a further rise in gold prices amid high demand for the precious metals,” she said at the Gold Outlook for 2024.