Gold Prices In 2024… Here Are Forecasts by Major Banks And Financial Institutions
The comments below are an edited and abridged synopsis of an article by economies.com
A surging gold price is expected this year amid ongoing geopolitical tensions and expectations of interest rate cuts by most major central banks, led by the Federal Reserve.
According to a Bloomberg report, major banks and institutions expect gold to average between $1,950 and $2,200 an ounce in 2024.
JPMorgan expects gold to average $2,175 an ounce in 2024 as the Fed prepares to cut interest rates.
Morgan Stanley sees gold averaging $2,019 an ounce this year, with prices determined by geopolitical risks worldwide.
Bank of America: As the Fed starts cutting interest rates gold will get a boost, with the bank expecting it to average $1,975 in 2024.
UBS says gold will hit a record high of $2,150 by year end, as US interest rates cut commence.
Wells Fargo: As the economy slows, it expects gold to hold its ground in early 2024 before advancing by year end to $2,200.
Pictet Asset Management expects gold to benefit from a weaker dollar as the US policy tightening cycle wraps up, while geopolitical tensions gather steam.