Gold in 2024: Goldman Sachs Heralds ‘Unshakeable Bull Market’ with $2,700 Target, Citi Forecasts $3,000 Within 6-18 Months

In the midst of the chaotic global scene marked by geopolitical tensions and economic instability in 2024, gold stands out as a reliable and unwavering source of security.

Based on a CNBC report published on April 16, 2024, Goldman Sachs remains optimistic about the gold market, referring to it as a robust and enduring bull market. The financial institution has upped its predicted year-end price for gold from $2,300 to $2,700 per ounce.

A CNBC report added that Citi identified geopolitical turmoil, specifically in the Middle East, as the primary cause for gold’s recent surge in price. Simultaneously, equity indexes have hit record highs, indicating investors are moving towards safer assets. According to Citi’s forecast, these elements may further boost gold prices, potentially reaching $3,000 per ounce within the next 1.5 to 3 years.

Instead, an article from Kitco News published on 15 April 2024 presents a different perspective by Caroline Bain from Capital Economics. She forecasts that the current gold price peak could mark a high point for 2024, predicting a drop to $2,100 per ounce by year-end. According to Bain, this expected decline is due to the discrepancy between gold prices and the latest interest rate projections. She believes that rates may continue to rise, as indicated by robust U.S. employment data and inflation tendencies.

Bain notes that gold’s popularity has grown due to geopolitical instability, but she cautions that this trend might not last. She explains that unlike gold, other safe assets have not experienced significant growth, and European gold ETFs have seen continuous withdrawals. Moreover, the surge in demand for physical gold, notably in China, is expected to decrease once market conditions become more stable.

At present (12:00 p.m. UTC, April 16, 2024), gold is being bought and sold for $2374.14 per ounce, representing a decrease of 0.39% in value compared to the previous day.

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2024-04-16 15:07