How much will gold cost in 2024 and is it worth buying?

Gold is the most popular asset used to hedge investment risks and the risk of money depreciation.

Over the past 10 years, gold has risen in price by more than 70% and is now priced at around US$2,000 per troy ounce .

But despite the attractiveness of this asset, the price of gold does not always rise; for example, in 2012 the cost of the precious metal fell by more than 20%.

Therefore, it cannot be said that this investment option is 100% guaranteed to bring profit; everything depends on when you buy the metal and when you sell it.

For this reason, many investors are wondering: how much will gold cost in 2024 and is it worth buying now?

Gold price in 2024, analysts say

Analysts at leading international investment banks are cautiously optimistic about the price of gold in 2024.

No one is predicting a sharp rise like in 2020, but no one is promising a price drop either:

• The largest investment bank, Goldman Sachs, gives a cautious forecast for gold prices 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.
• Financial group Citigroup has made the most optimistic forecast: $2,350 by the end of 2024.

I don't consider myself a financial analyst, but in my opinion, the price of gold will settle at $2,200 per troy ounce by the end of 2024.

The following facts serve as the basis for optimistic forecasts:

Geopolitical tensions – the continuation of the war in Ukraine and the lack of visible prospects for its end in 2024.

The economic crisis in the US and Europe – although the rate of inflation slowed slightly in 2023, production still continues to fall.

Stable demand : in the second half of 2023, central banks purchased 800 tonnes of gold, 14% more than in the same period in 2022. There are currently no indications that central banks will reduce their purchases in 2024.

Production cap – A possible production cap could also push up the gold price in 2024.

The factors listed above give reason to assume that the price of gold will rise in 2024, but at a moderate pace.

However, an upward trend in 2024 does not guarantee a rise in the precious metal's price in 2025, 2026, or 2027. The economic and geopolitical situation could change in a few years, and investors could begin selling gold to invest in more profitable assets.

To be able to quickly respond to changes in the price of gold, it is recommended to invest through stock brokers - https://time-forex.com/vsebrokery/brokery-zoloto-serebro

The trader's trading platform allows you to quickly execute a gold trade or set up an order to automatically close a position.