Gold prices are forecasted to skyrocket next year in 2024 and reach a new all-time high of $3,000 an ounce. The price of gold is now on an upward trajectory and is attracting heavy bullish sentiments in the charts. The precious metal is consequently moving upward by more than 6% every day and is becoming expensive to accumulate.
The positive growth comes after the U.S. debt grows uncontrollably reaching $33.6 trillion in November this month. In this article, we will highlight if now is the best time to buy and invest in gold to enjoy profits in the coming years.
Gold Predicted To Reach $3,000: Should You Invest Now?
Bloomberg Commodity strategist and other leading experts have predicted that gold prices could rise by 50% in 2024. Gold is forecasted to reach $2,700 during the first half of 2024 and eventually hit $3,000 by the end of the year, according to analysts. Most Commodity strategists explain that gold could begin 2025 trading at $3,000 an ounce.
So what’s pushing the price of the precious metal up? The rising U.S. debt is the main cause for gold prices to rally in the charts this year. Institutional investors are staying away from U.S. treasury bonds as the American economy is embroiled in heavy yet uncontrolled debt. Since gold is a safe haven and a hedge against inflation, large investors are now entering the commodity market to safeguard their investments.
The conflict in the Middle East has also caused precious metal prices to shoot up. The Israel and Palestine conflict is a direct threat to the equity market and, therefore, is seeing a lesser inflow of funds. The funds are moving into the Commodity market, especially gold, as ING has predicted a recession in 2024 next year.
So is this the right time to buy and invest in gold? The answer could be a yes, only if the U.S. debt grows further in the coming weeks. If U.S. lawmakers contain the debt, gold prices could slip and fall below the $1,800 level. However, if the debt spirals further, the precious metal has more chances of shooting up and reaching $2,700 and $3,000.