Reuters Reports on 5 Reasons Investors and Analysts See Gold Going Higher In 2024
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Gold hit an all-time high price in December – and Reuters is reporting that investors and analysts think gold will go even higher in 2024.
The first three reasons they say investors anticipate gold gaining value in 2024:
1. The Fed lowering interest rates
2. Geopolitical risk
3. Central banks buying more gold
Plus, an analyst from Saxo Bank added two more reasons the price of gold could go higher.
Reuters reported:
Gold investors anticipate record high prices next year, when the fundamentals of a dovish pivot in U.S. interest rates, continued geopolitical risk, and central bank buying are expected to support the market after a volatile 2023.
Spot gold is on track to post a 13% annual rise in 2023, its best year since 2020, trading around $2,060 per ounce.
“Following on from a surprisingly robust performance in 2023 we see further price gains in 2024, driven by a trifecta of momentum chasing hedge funds, central banks continuing to buy physical gold at a firm pace, and not least renewed demand from ETF investors,” Saxo Bank’s Ole Hansen said.
The two more reasons: hedge funds jumping in and renewed demand from ETF investors.
That’s five reasons Reuters is reporting investors and analysts think gold prices could go higher in 2024.
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