Experts forecast 2024 as year that gold, already trending up, will surge higher following certain market indices.
Already a Reuters poll in October forecast prices will average $1,986.50 in 2024.
Prices have averaged above $1,950 so far this year, above any previous yearly average price.
▪️J.P. Morgan sees “a breakout rally” for gold in mid-2024, with a targeted peak of $2,300 on expected rate cuts.
▪️U.S Bancorp, UBS forecasts a record of $2,150 by end-2024 if cuts materialise.
▪️The World Gold Council, in its 2024 outlook, projected that a drop of about 40 to 50 basis points in longer maturity yields, following 75-100 points of rate cuts, could translate into a 4% gain for gold.
