Will the price of gold go down in the coming days or will it reach new record levels?
Gold prices
Gold prices rose to a record level in late 2023 amid geopolitical conflicts and economic uncertainty. Will the demand for safe haven and American interest rate projections maintain gold subsidies in 2024? What are the gold price projections for the next five years? In this article we look at some of the latest gold analyses and gold price projections for 2024 and beyond from banks and experts
The immediate price of gold reached its highest level ever on 4 December, rising to $2141 per ounce before it fell below the August 2020 level, and technically, the rise could have been “paid for the orders to stop the loss
price of gold
But it was mainly supported, owing to the increasing expectations of lowering American interest rates earlier next year
Gold has a moderate performance
Gold made a moderate performance this year. The prices of instant gold (XAU/USD) and the ETF SPDR Gold Shares (GLD) have risen by more than 17% this year (taking into account the highest level for 2023). The weakening of the United States dollar and the decline in treasury bonds, combined with increased geopolitical uncertainty, will help to raise gold prices – and analysts do not expect it to stop there
Analysts on gold price projections said that gold prices were expected to reach new record levels and remain above $2,000 levels in 2024, pointing to geopolitical uncertainty, the potential weakness of the United States dollar and possible interest rate reductions
Gold price projections – basic observations
Gold price projections for the coming days: gold price projections for the coming days: gold prices may swing at their highest levels at $200, or until the highest levels of $2,000 are consistent for the remainder of 2023. Several important technical and fundamental factors (see sections below) are assembled to prepare the next penetration.
Gold price projections 2024:
Analysts expect gold prices to remain above the $2,000 level next year as the global rush towards gold continues. Gold price projections indicate new record levels and moderate gains
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Gold price projections for the next five years: while most analysts expect a moderate increase in gold prices in 2025, the most optimistic gold price projections for the next five years indicate gold prices that will reach the $3,000
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Gold Expectations – The First Days of the Rising Market
Since gold produces no interest, its price usually rises simultaneously with lower interest rates. However, Powell did not hint at imminent interest rate reductions in his statements. Instead, he stressed that the United States economy had not yet fully experienced the repercussions of a 5.25 per cent interest rate hike over the past two years, leading to record gold prices. He said: “After very rapid progress, the Federal Commission on the Open Market is acting with caution, with the risks of excessive and excessive stress becoming more balanced
During his speech, the Governor reiterated that the battle against inflation might not end, saying: “We are ready to further tighten monetary policy if it becomes appropriate to do so.”
However, analysts highlight Powell’s use of the term “balanced,” explaining the message that the Fed maintains its position, expects positive results, and is not prepared to raise interest rates again
As a result, markets believe that they have reached a solution. The rollings have turned their expectations of lower interest rates, with an 80% chance down in May to one of two in March, as the Fedwatch tool of CME pointed out. This shift has led to upward forecasts of institutional gold price projections for 2024 and the next five years
Analysts predict the next direction that gold prices might take.
TD Securities expects gold prices to reach new record levels in the first half of 2024 as we approach the Fed target and anticipate a slowdown in the economy
Mike McGillon, the chief strategicist in Bloomberg Intelligence, suggested in a conversation with Yahoo Finance, that we might see the early days of a rising market leading to new record levels
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