The price of gold rallied this year climbing nearly 18% in the last seven months. It is among the top-performing assets in the commodity market amid global conflicts and turmoil in Russia-Ukraine and Israel-Palestine. Leading investment banker Morgan Stanley has provided a new and revised price prediction gold for Q4 of 2024.
The forecast remains bullish and the precious metal could head north in five months. In this article, we will highlight how high the price of gold could surge in 2024, according to Morgan Stanley.
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Gold Price Prediction: Morgan Stanley’s New Forecast For Q4 of 2024
The global investment bank Morgan Stanley sees gold prices rising above the $2,600 mark in Q4 of 2024. Gold is currently hovering around the $2,400 mark on Monday and remains in the red during the day’s trade.
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That’s a surge of 200 points and an uptick and return on investment (ROI) of approximately 8.5%. Morgan Stanley remains bullish on gold indicating that a price upswing is on the cards in Q4 of 2024.
“While US recession fears are rising, our economists still see a soft landing with a stronger Fed reaction if the data turns weaker, either of which should support investor gold inflows,” said Morgan Stanley strategists led by Amy Gower in a note.
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Gold prices were on an upward trend this year as central banks of developing countries accumulated tonnes to their reserves. China purchased the precious metal for 18 months straight followed by Russia, India, South Africa, and Brazil. The development pushed gold prices higher leading to bullish sentiments for the precious metal worldwide, reported Morgan Stanley.
Apart from the central banks of developing countries, even retail investors and institutional funds have massively accumulated gold. In conclusion, all these factors will lead to gold prices ending above $2,600, reported Morgan Stanley.