Gold prices are set to hit an all-time high next year on the back of low interest rates and recession fears boosting its role as a safe haven.
Some optimistic analysts predict that the price of gold will reach $2,500 an ounce by the end of 2024 – a 26% increase from current levels.
David Neuhauser, founder of Livermore Partners, said: “My target for the end of 2024 is $2,500 an ounce, and that’s because recessionary forces may take hold later this year and increase prices in 2024. Gold will hit new highs.”
Neuhauser said he expects the global economy to remain stagnant in the coming years, with inflation falling to between 3 and 5 percent.
“I see gold moving above $2,100 in late 2023 and early 2024,” said Bart Melek, managing director and head of global commodities strategy at TD Securities. .
He added, “I am bullish on gold because I believe the central bank will be fiscally tight to meet the inflation target of 2%. The Federal Reserve began raising interest rates from March 2022, with inflation rising to its highest level in 40 years and interest rates reaching a range of 5.25 to 5.5%.
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