How Much will Gold be in 2024?

What will the price of gold be in 2024?

While the price of gold, like most assets, is difficult to predict with certainty, most analysts and financial experts agree that its current uptrend will continue through much of 2024.

Let’s take a look at what factors have been affecting the price of gold and are likely to continue to influence it in 2024:

• Geopolitical Events: Geopolitical tensions, particularly conflicts, tend to be positive for gold investors. As it’s seen as a safe-haven asset, investors seek the stability of gold during uncertain times as it is considered a store of value, leading to increased demand and higher prices. The Russian invasion of 2022 and 2023’s Israel-Hamas conflict both caused gold prices to skyrocket. As the situation continues to worsen in the Middle-East, the price of gold is likely to continue rising.

• Interest Rates: Higher interest rates often strengthen a country's currency relative to others. Since gold is priced in US dollars, a stronger dollar can make gold more expensive for holders of other currencies, potentially reducing demand and prices. In 2023, the US Federal Reserve bank (Fed) paused interest rate hikes three times in an effort to curb inflation, which may have contributed to gold’s continuing rise. The Bank of England also paused interest rates. In January 2024, the Fed continued its pause on interest rates and indicated they may even cut rates in the future, which could cause gold to keep rising.

• Inflation: Gold investment is used as a hedge against inflation. During inflationary periods, uncertainty may prevail in financial markets. Investors seek safe-haven assets like gold to protect their wealth from the eroding effects of inflation, increasing demand and gold prices. Inflation in 2023 has been mostly kept under control and was trending downward, and is expected to be stable in 2024.

• Central Banks: Central banks hold gold reserves as part of their overall reserves. Central banks' monetary policies can impact gold prices. As central banks play a crucial role in maintaining economic stability, economic uncertainties or crises often prompt investors to seek safe-haven assets like gold. The US banking crisis of early 2023 helped gold’s price to spike. The World Gold Council attributes 15% of gold’s annual performance to central bank demand. Currently, central banks around the world (particularly in emerging markets) are buying up the world’s gold at an unprecedented rate.

The combination of all of these factors indicates that 2024 is likely to be a positive year for gold investors and gold traders alike.

During 2024, the price of gold may fluctuate within the channel shown by lines 1 and 2

Even if we were to only use technical analysis and simple observation, the chart trajectory for gold prices suggests a continuation of the current uptrend. Based on chart readings, we can expect the price of gold to fluctuate between $2,000 and $2,200 throughout 2024, as long as the delicate balance of supply and demand does not drastically change. It’s impossible to predict future events and many unforeseeable contributing factors could have a large impact on gold prices in the long term.

For a short-term forecast of gold (XAU/USD), and an analysis of gold price movement today, check out Traders Union’s: Gold Analysis Today – XAU/USD Support and Resistance.

Best brokers to trade XAUUSD (gold futures)

1

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The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

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What are the forecasts for the price of gold 2024?

There are numerous predictions for the price of gold in 2024, most of which indicate bullish sentiment, coming from some of the world’s leading financial institutions and experts.

JP Morgan predicts that gold will continue to rise through 2024, saying they have the “highest conviction on a bullish medium-term forecast” through 2024 and into 2025. The forecast suggests that gold prices will peak at $2,300/oz in 2025, driven by anticipated Federal Reserve rate cuts, falling U.S. real yields, and increased demand due to central bank buying and gold ETF flows. The prediction is based on expectations of a Fed cutting cycle and economic conditions, including a slowdown in U.S. growth and lower nominal yields.

Bank of America, in their Metals and Mining Outlook for 2024, predicts that gold will boom in the summer, and finish 2024 at $2,400 per ounce. They state that while the conflicts in the Middle East have caused prices to spike, gold ultimately remains a trade on rates, so “once the Fed announces a decisive end to the hiking cycle in 2Q”, we should see gold rise significantly. Bank of America believes the US economy is slowing while Europe is barely avoiding recession, which could generate support for gold.

Global financial stability organization, the International Monetary Fund (IMF), forecasted an average gold price of $1,775 per ounce for 2024, though this prediction has not been updated since the middle of 2023. Their prediction is based on expectations of global economic activity and inflation, as well as positive market conditions.

Some analysts offer much more bullish (and outlandish) predictions for gold. Best-selling author of “Rich Dad, Poor Dad”, entrepreneur, businessman, and controversial financial commentator, Robert Kiyosaki, predicts a giant stock market crash and ensuing depression due to a complete destruction of faith in the US dollar, leading to gold hitting $5000 before 2025.

American stockbroker, CEO of asset management firm Euro Pacific, and financial commentator Peter Schiff, who is widely known as a very outspoken gold bull, has publicly stated on multiple occasions that he believes gold will breach $5000 per ounce in the coming years. For 2024, he predicts that just as in 2023, Russia and China’s central banks will continue buying up the world’s gold and lessening the world’s dependence on the US dollar, inflation will be a bigger problem than in 2023, and that gold is severely undervalued, all leading to a significant increase for gold this year.

Gold Price Prediction & Long-term Forecast

Expert analysts at Traders Union have collected and put together price predictions for gold (XAU) in 2024, and calculated our own forecast. Based on several factors, such as abnormally high inflation in the US and Europe, banking sector issues in the US and Europe (particularly Switzerland), the ongoing geopolitical instability in various regions of the world, and the trade wars, we predict the price of gold will continue rising. In the long term, we will likely see fluctuations year to year, but a general uptrend over the next nine years.

For a full analysis, updated gold prices, and forecasts for 2024 through to 2032, click here: Gold (XAU) price prediction 2024, 2025, 2030ю