Gold prices traded at the $2,515 mark on Thursday and remain firmly placed in the charts with no recent downturns. The precious metal is dominating the commodity markets with robust growth year-to-date.
It has spiked nearly 22% YTD and is among the top-performing assets in 2024. The bullish sentiments are attracting investors into its fold amid calls for a recession in the US stock markets.
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Predictions And Analysis On Gold Prices
Adam Hamilton’s Predictions
Adam Hamilton, the founder of Zeal Intelligence, a financial consulting company, predicted that stock market investors would soon begin taking entry positions in gold. He explained that the decline in the US dollar’s purchasing power and inflation will make investors flock towards gold for a safety net. He stressed that This could make gold prices shoot up and reach a new high.
“With out-of-control US-government spending still ramping the mind-boggling US debt while Treasury interest expenses soar, the US dollar’s fundamental outlook is dismally bearish. Nothing beats gold for weathering globally rampant fiat-currency inflation and debasement,” he said.
He said the demand for gold from American investors could take its price to $2,950 next. Hamilton explained that even if 1% of the stock market money ($100 billion) enters gold, the prices could immediately touch $2,950. He also called $100 billion stock market money “pocket change,” as there’s vast and unending wealth in the sector.
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Gold Prices Could Head North: Goldman Sachs
Even leading investment bank Goldman Sachs has predicted that gold prices could surge further in the indices. Goldman Sachs recently forecasted that the precious metal could reach the $2,700 mark by the end of 2024.
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Therefore, the majority of predictions from analysts and investment banks remain positive for the metal. If gold reaches $2,700 and $2,950, the glittery metal’s next stop could be a new high of $3,000.