Tuesday, February 27, 2024

Global Gold Price Forecasts 2024.. Gold Council Report Outlines Market Features


Islam Saeed wrote

Wednesday, December 13, 2023 at 02:00 AM

The World Gold Council has released a report on gold performance for 2024. The report indicated that gold may move within a range, but it will see clear fluctuations due to overlapping factors affecting it in the coming year. The US economy and Federal Reserve policy, or geopolitical developments and the need for global central banks.

Expectations indicate that the US economy could see a “softer landing” in 2024 as the Federal Reserve is able to reduce inflation to its target without falling into a recession that is plagued by high interest rates.

As demand for the precious metal increases during recessions and crises, the smooth decline of the economy has not provided strong support for gold. Also, the Federal Reserve’s policy on lowering interest rates holding gold has not been clear. Expectations face a persistent obstacle, which is the continuation of higher interest rates over a longer period of time.

However, the two most important factors affecting the price of gold in 2023 are the collapse of Silicon Valley Bank in the US and the attack of the Hamas movement on the Zionist Organization. So geopolitical events pushed gold prices up by 3% to 6% throughout the year.

2024 will see key elections around the world, including in the US, European Union, India and Taiwan, and the need for investors to hedge gold in their portfolios will increase more than usual during these periods.

Also, central bank gold purchases are expected to be a key factor in supporting gold in the coming year, as central bank purchases were the main source of gold in 2023, which is expected to be a record year for gold purchases. Continue in 2024.

See also  How does human hair contribute to the fight against climate change? A Dutch company responds

The World Gold Council believes central banks’ demand has helped boost demand by 10% or more in 2023, and even if we don’t see record purchases in 2024, continued purchases at a higher pace should help support gold.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:


More like this

Comparing the Best Trading Platforms in the UAE: Features and Benefits

Trading commodities, currency pairs, ETFs, and other investment vehicles...

Evgenia Timofeenko: What does it mean to be an investor in the hotel business?

Investors are always interested in finding effective objects for...

AFC Champions League 2023/24: Last-16 Fixtures, Latest Odds & Preview

The 2023/24 AFC Champions League group stage has been...

A Decade of Expertise in Company Formation and Financial Solutions

The United Arab Emirates (UAE) has emerged as a...