How much will gold cost in 2024 and is it worth buying?
Gold is the most popular asset, with the help of which it is customary to insure investment risks and the risks of money depreciation.
Over the past 10 years, gold has risen in price by more than 70% and now its price is about 2,000 US dollars per troy ounce .
But despite all the attractiveness of this asset, the price of gold does not always rise; for example, in 2012, the cost of the precious metal decreased by more than 20%.
Therefore, it cannot be said that this investment option with a 100% guarantee will bring profit; it all depends on when you buy the metal and when you sell it.
Gold price 2024, analysts' opinion
Analysts at leading international investment banks are cautiously optimistic about gold prices in 2024.
No one predicts a sharp rise, as was the case in 2020, but no one promises a drop in price:
- The largest investment bank, Goldman Sachs, gives a restrained forecast for the price of gold to rise to $2,150 by the end of 2024.
- Financial conglomerate JPMorgan Chase expects the price of gold to reach $2,250 by the end of 2024.
- The Citigroup financial group made the most optimistic forecast - $2,350 by the end of 2024.
I do not consider myself a financial analyst, but, in my opinion, the price of gold by the end of 2024 will be fixed at $2,200 per troy ounce.
The following facts serve as the basis for optimistic forecasts:
Geopolitical tension - the continuation of the war in Ukraine and the lack of visible prospects for its completion in 2024.
Economic crisis in the US and Europe - although inflation have slowed slightly in 2023, production is still falling.
Stable demand - in the second half of 2023, central banks bought 800 tons of gold, which is 14% more than the same period in 2022. There are no prerequisites yet that the Central Bank will reduce purchases in 2024.
Capping production – a possible cap on production could also push up the price of gold in 2024.
The factors listed above give reason to assume that the price of gold in 2024 will grow, but at a moderate pace.
At the same time, an upward trend in 2024 does not at all guarantee an increase in the value of the precious metal in 2025, 2026 or 2027. The economic and geopolitical situation may change in a few years and investors will begin to sell gold in order to invest money in more profitable assets.
In order to be able to quickly respond to changes in the price of gold, it is recommended to make investments through stock brokers - https://time-forex.com/vsebrokery/brokery-zoloto-serebro
In the trader’s trading platform, you can make a gold transaction as quickly as possible, or set up an order to automatically close a position.