JP Morgan Foresees Gold Price Gains in 2024

SEATTLE (Scrap Monster): The gold prices have witnessed significant rally so far this year, with prices of the yellow metal touching all-time highs during the month. The prices had touched new record of $2,195 per ounce earlier this month.

However, the upward momentum in gold prices doesn’t seem to be slowing down any time soon, as per analysts at JP Morgan. According to them, gold prices are predicted to witness further gains, mainly driven by economic uncertainties, inflationary concerns and rising geopolitical tensions.

ALSO READ:

Gold Gains as Rate Cut Bets Hold Ground in Run-Up to Inflation Test

Gold Sprints to Record High as Fed Sticks to 2024 Rate Cut View

In an earlier report published at the start of the year, JP Morgan had identified several reasons including geopolitical conflicts, inflation and robust central bank purchases are the key factors that are likely to trigger surge in gold prices. Three months down the line, there have been no major changes to this situation. The markets are unlikely to witness any dip in gold demand as it enters April. JP Morgan expects gold prices to touch $2,400 per ounce during the year.

The technical indicators indicate that gold looks “good for the long term”, said market analysts. Also, the prices are expected to hit $2,300-$2,400 per ounce over the period of next one to two years, they noted.