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