Gold Prices in 2024: Expert Forecasts, Factors, and Investment Insight

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Gold’s trajectory has been captivating, especially when comparing its present value to that of just a few years ago. In October 2018, an ounce of gold stood at $1,200, a figure now dwarfed by the current $2.000 per ounce mark.

  • Collin Plume, CEO at Noble Gold Investments, highlights the remarkable growth: “Had you invested in gold in 2018, you would have been up more than 50%. That means if you invested $50,000 in gold five years ago, you would be sitting on $75,000 now.”

However, the recent peak in 2023, surpassing $2,000 per ounce in April, has seen a slight dip in gold prices.

  • According to Alex Ebkarian, co-founder of Allegiance Gold, this dip is attributed to “increased bond yields and a stronger dollar.”
  • Yet, experts like Sean Casterline from Delta Capital Management believe this might not signal a lasting trend but rather a phase of consolidation before another upward move. The outlook for 2024 remains optimistic among experts. Casterline suggests that with the current economic landscape, characterized by inflation and uncertainty, gold might be on the brink of another surge.
  • Ebkarian weighs in on the potential influencing factors for gold’s future trajectory, citing inflation, Federal Reserve actions, geopolitical climate, and even the upcoming US presidential election as key drivers. He emphasizes that if the elected administration leans toward expansive fiscal policies, such as increased government spending or tax cuts, it could spark inflationary pressure, thereby boosting the demand for gold as a hedge.

Yet, despite recent price surges, gold isn’t typically seen as a source for immediate high returns. Ebkarian advises a patient approach: “Unlike the dollar, gold cannot be printed overnight, and it is finite in supply.” Hence, it’s more prudent to “buy and wait” than try to time the market for short-term gains.

While government and industrial demand will play their roles, the consensus among experts is an anticipated rise in gold prices through 2024, possibly stabilizing thereafter. Plume forecasts a crossing of the $2,050 mark with an eventual settlement around $2,100.

The question of whether it’s an opportune moment to invest in gold revolves around personal circumstances and objectives, although professionals generally lean toward a positive outlook. Ebkarian underscores gold’s historical resilience as a safe-haven asset during geopolitical unrest and its role in combating inflation and high interest rates.

Various forecasts for 2024 offer diverse perspectives on gold’s future value, ranging from $1,750 to $2,371 by year-end, influenced by factors like supply and demand dynamics, inflation, interest rates, geopolitical uncertainties, cultural trends, the U.S. dollar’s value, and central bank reserves.

In considering investment in gold, experts recommend allocating no more than 10% of your portfolio to maintain a diversified investment strategy that can withstand potential market fluctuations.

Understanding the complex and volatile nature of gold prices, it’s essential to undertake comprehensive research and consider a range of forecasts before making investment decisions.

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