Gold prices are skyrocketing in the charts this year in 2024 and touched a new high of $2,254 on Tuesday. The precious metal is delivering massive returns to investors who took an entry position early this year. The XAU/USD gold spot index dipped minimally in 2024 and remained in the green for the majority of trading days.
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The commodity is strengthening in the indices as gold prices are printing new highs every month. The leading commodity is attracting heavy bullish sentiments as the US dollar remains on a slippery slope due to conflicts. A dip in the US dollar pushes gold prices ahead and the conflicts in the Middle East and Russia and Ukraine might send gold to end 2024 on a high.
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Gold Prices Predicted To Reach A New High of $3,000, A surge of 35%
Senior commodity strategist Mike McGlone has forecasted that gold prices could touch a new all-time high of $3,000 in 2024. The growing tensions between Israel and Palestine, Russia and Ukraine, and disruption in trade in the Red Sea will make gold skyrocket.
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McGlone explained that gold prices are already on the path to hit $3,000 by the end of 2024. That’s a surge of approximately 35% from its current price of $2,254. Therefore, an investment of $10,000 could turn into $13,500 in the next nine months if the prediction turns out accurate.
The global tensions will help gold prices spike as it is a safe haven and a hedge against inflation. The development “may portend a firming foundation for the metal,” McGlone summed it up.
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If gold prices reach the $3,000 threshold, then the US dollar’s DXY index might drastically fall below the 100 mark. Therefore, the US dollar currency remains in the danger zone against surging gold and the broader commodity markets.