Gold Price Holds Steady Above $2070; How High Can It Go In 2024?

Vignesh Karunanidhi
Gold (XAU/USD) Prices Near One-Week Lows; Can Price Dip Below $2,000?

Gold prices have been on a positive trajectory since 2023. CoinPriceForecast, an artificial intelligence model that utilizes machine learning, sees gold’s price embarking on a notable rally in 2024.

As of Tuesday morning, gold traded moderately higher, around $2,065 per ounce. According to the latest data from Investing, gold is trading at $2,070 with a 4% surge in the last 24 hours.

Also read: U.S. Economy To Experience Real Momentum In 2024: Here’s Why

How high can gold prices go in 2024?

According to the AI system’s analysis, the price of gold could climb as high as $2,153 by mid-year and $2,353 by 2024 year end—a roughly 13% gain from current levels.

The forecast cites bullish technical indicators taking shape that could propel the precious metal. And while past performance never guarantees future returns, CoinPriceForecast’s machine learning algorithm has an impressive track record in predicting gold’s churning price action. 

Also read: Gold Prices To Experience a Historic Breakout In 2024: See the Target

Still, all predictive models come with uncertainty, especially when gazing 16 months down the road. Any number of black or white swan events—from geopolitical conflicts to economic shocks and everything in between—could derail gold’s path higher as 2024 unfolds.

Yet with recession concerns lingering despite the Fed’s aggressive tightening campaign this year, safe-haven assets like gold remain attractive portfolio diversifiers should risk-off dominate markets again next year.