Some analysts predict that gold prices will rise to $2,500 by the end of next year, more than 25 percent more than last year. more than the current level. “This is mainly due to the fact that the forces of the economic downturn could show up later this year and gain momentum in 2024,” explained David Neuhauser, founder of Livermore Partners. Even if this level is not reached, analysts still agree that prices will rise.
– The spot price of gold reached an all-time high of $2,072.50. August 7, 2020, according to Business Insider, citing US media. The service notes that “gold prices appear to be heading towards record highs in 2024 on a wave of falling interest rates and growing recessionary fears that reinforce gold’s role as a safe haven.”
Gold Prices Will Surpass $2,100, But It’s Not Necessarily the End
“I assume that the price of gold will exceed $2,100. late 2023 or early 2024,” Bart Melek, managing director of TD Securities and global head of commodity strategy, told CNBC. “I am positive about gold because I believe that the Federal Reserve will change its policy towards a less restrictive one. I also believe that this will happen before the 2% inflation target is reached.
The Federal Reserve began raising interest rates regularly in March 2022 as inflation soared to a 40-year high.
David Neuhauser, founder of Livermore Partners, is targeting $2,500 by the end of 2024. In his opinion, stagflation will continue in the world economy in the next few years.
In explaining these relationships, BI recalls that gold tends to perform well during periods of economic uncertainty such as recessions and stagflation due to its status as a safe store of value and is often used as a hedge against inflation.
Poles do not buy gold
After the start of the war in Ukraine, a kind of gold rush began, which, according to experts, confirmed the thesis that gold is an ideal investment in turbulent times. In recent months, when we had a banking crisis and a weakening dollar, for the first time since the beginning of the war, the price of a bullion on the world markets exceeded the $2,000 level. per ounce. Over the past three years, the price of gold has increased by more than 20%.
However, there was no gold boom on the Vistula. According to an ARC Rynek i Opinia survey quoted by Business Insider Polska, only 14% of respondents have bought gold in their lives. Poles (the survey was conducted on a sample of 1000 respondents), which means that only one in seven of us decided on such an investment.
The survey shows that men buy gold slightly more often than women (18% and 10% respectively). They are most often purchased by people living in the southwestern part of the country.
Source: Wprost
I am George Brown, author at Daily News Hack. I mostly cover economy news and I have been doing this for quite some time now. I have a lot of experience in this field and I’m always looking for new opportunities to learn more.
