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.
Read More
- Will MCU’s Blade Movie Be Rated-R Following Deadpool & Wolverine’s Rating? Kevin Feige Reveals
- ZRO PREDICTION. ZRO cryptocurrency
- Sakamoto Days Chapter 176 Will Likely Return To The Present; Release Date, Where To Read And More
- Guy Fieri Meets Flavor Flav As They Support U.S. Women’s Water Polo Team At 2024 Paris Olympics
- From Aaron W. Reed To Vinnie Jones: All The Actors Who Played Juggernaut So Far
- House Of The Dragon To Reportedly End With Season 4; Season 3 Shooting Schedule Explained
- How Responsible Is Matthew Perry’s Assistant For His Death? Here’s What Legal Experts Has To Say
- Millie Bobby Brown’s Nineteen Steps Set To Get Big Screen Adaptation; Know More Here
- USD HKD PREDICTION
- IQ PREDICTION. IQ cryptocurrency
2024-04-16 15:07