Commtrendz: Gold Prices Likely to Hit $2,400 Per Oz in 2024

SEATTLE (Scrap Monster): According to experts, gold is likely to maintain its upward trajectory in 2024, driven by several factors including anticipated moderate U.S. economic growth, probable rate cuts by the Fed Reserve and continued buying by world central banks. It must be noted that the yellow metal had registered an impressive performance in 2023, delivering annual returns of around 15%.

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Gnanasekar Thiagarajan, Research Director at Commtrendz predicts that gold prices may likely rise to $2,400 per ounce this year. A stable local currency could lift gold prices in India to levels of INR 70,000. The continuation of current momentum suggests that the central bank demand for the yellow metal may surpass the record touched in 2023. The uncertainties across the globe may boost gold’s appeal as a safe haven asset, he said.

Motilal Oswal Research stated that the surge in speculative positioning during Q4 2023 indicates the prevailing upbeat mood in gold market. It highlighted several favourable factors such as monetary policy changes, fluctuations in Dollar index, and economic data points for a further rally in gold prices. Meantime, HDFC Securities noted that U.S. Fed policy will play a key role in shaping the gold price outlook in 2024. They predict a rebound of investor interest in gold.