Gold Price Forecasted to Reach New All-Time High
With the hype around Bitcoin ETFs and the rise of BTC over the last several weeks, another asset may be on its way to blossoming. Amid a climb to $2055 this week, the gold price has been forecasted to reach a new all-time high by the end of 2024.
The asset hit its current all-time high in November of last year. Then, the asset of $2,135 was a moment that infused the market with optimism. Although the asset has yet to follow through on that anticipation, the Federal Reserve interest rate cuts are expected to bring renewed excitement and investment into the metal.
Also Read: Gold Ascends & The US Dollar Dips as PCE Data Shows Positive Uptick
Gold Price Predicted to Reach New ATH in Q4?
Entering into 2024, both gold and Bitcoin shared little more than the excitement that investors had over their impending performance. Ending 2023 on a positive note, both assets had the potential to soar. To this point, BTC has made good on that, surpassing $62,000 for the first time since 2021. Yet, the precious metal has not been able to reach those lofty expectations.
However, that may be poised to change. In a recent discussion with FX Street, the gold price has been predicted to reach a new all-time high in 2024. Specifically, ING analysts have noted the expectation for the asset to reach $2,150 in the fourth quarter of the year. Moreover, they expect the asset to average a price of $2,081 throughout 2024 entirely.
Also Read: Gold Price Forecasted To Hit $2,100 in 2024: Here’s Why
“We expect gold prices to trade higher this year safe-haven demand continues to be supporting amid geopolitical uncertainty with ongoing wars and the upcoming US election,” analysts said. Moreover, they added the forecast is dependent on the Federal REserve cutting interest arts in the second quarter of the year.
Furthermore, they noted the asset’s reliance on the continued weakening of the US Dollar. These two aspects should partner in presenting a continued upswing for gold. Yet, the Federal Reserve will continue to play the wildcard
To this point, they have held back any impending rally with their interest rate approach. Specifically, they have embraced a wait-and-see method. This uncertainty has forced inconsistencies to flourish in gold investment so far this year.
Read More
Gold Price Forecasted to Reach New All-Time High
With the hype around Bitcoin ETFs and the rise of BTC over the last several weeks, another asset may be on its way to blossoming. Amid a climb to $2055 this week, the gold price has been forecasted to reach a new all-time high by the end of 2024.
The asset hit its current all-time high in November of last year. Then, the asset of $2,135 was a moment that infused the market with optimism. Although the asset has yet to follow through on that anticipation, the Federal Reserve interest rate cuts are expected to bring renewed excitement and investment into the metal.
Also Read: Gold Ascends & The US Dollar Dips as PCE Data Shows Positive Uptick
Gold Price Predicted to Reach New ATH in Q4?
Entering into 2024, both gold and Bitcoin shared little more than the excitement that investors had over their impending performance. Ending 2023 on a positive note, both assets had the potential to soar. To this point, BTC has made good on that, surpassing $62,000 for the first time since 2021. Yet, the precious metal has not been able to reach those lofty expectations.
However, that may be poised to change. In a recent discussion with FX Street, the gold price has been predicted to reach a new all-time high in 2024. Specifically, ING analysts have noted the expectation for the asset to reach $2,150 in the fourth quarter of the year. Moreover, they expect the asset to average a price of $2,081 throughout 2024 entirely.
Also Read: Gold Price Forecasted To Hit $2,100 in 2024: Here’s Why
“We expect gold prices to trade higher this year safe-haven demand continues to be supporting amid geopolitical uncertainty with ongoing wars and the upcoming US election,” analysts said. Moreover, they added the forecast is dependent on the Federal REserve cutting interest arts in the second quarter of the year.
Furthermore, they noted the asset’s reliance on the continued weakening of the US Dollar. These two aspects should partner in presenting a continued upswing for gold. Yet, the Federal Reserve will continue to play the wildcard
To this point, they have held back any impending rally with their interest rate approach. Specifically, they have embraced a wait-and-see method. This uncertainty has forced inconsistencies to flourish in gold investment so far this year.
Read More