SEATTLE (Scrap Monster): Gold has witnessed renewed buying interest over the past year, mainly as a tool against inflation and as a means of portfolio diversification. The incredible surge in demand for the yellow metal has taken it to all-time highs throughout the month of March 2024. Meantime, experts predict gold prices to continue maintain its upward momentum this spring as well.
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In his outlook for gold, Steve Azoury, owner of Azoury Financial said that the prices are expected to remain flat over the next couple of months. Also, Alex Ebkarian, co-founder of Allegiance Gold noted that gold will continue to stay very high over the next year and possibly trade higher during the next couple of years.
Meantime, Peter Boockvar, chief investment officer at Bleakley Financial Group in Fairfield, N.J stated that though he is unsure of where the gold prices will move in the next couple of months, but expressed confidence that they may go higher this year. The expected rate cuts by the U.S. Fed coupled with continued geopolitical uncertainty may further drive gold demand, he added.
Many analysts had earlier predicted that gold prices would fizzle once it reaches the $2,000 per ounce levels. However, all these predictions have gone wrong, with gold prices surging higher by 17% over the past six-month period.
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