Gold Prices Poised for 2024 Surge to $2,400: Here’s Why?

Gold prices are on the rise, nearing a seven-month high at around $2,041.76 per ounce. Analysts predict a potential surge to $2,400 in 2024 due to various factors.

Here are five simple reasons:

1. Interest Rate Cut: When US interest rates are low, gold becomes more attractive, and there’s talk of a possible rate cut.
2. Central Bank Buying: Central banks globally are buying gold at a record pace, increasing demand.
3. Inflation Hedge: Gold is seen as a hedge against rising inflation, and expectations for inflation in the US are on the rise.
4. ETF and Festive Demand: Demand for gold ETFs, along with investment and festive demand, especially in China, is expected to support prices.
5. De-dollarization: Some countries are reducing reliance on the US dollar, leading to increased demand for gold as an alternative store of value.

These factors, along with others, could push international gold prices to $2,240 an ounce in 2024, with MCX gold prices potentially reaching ₹68,000 per 10 grams next year