“Daily Spotlight: Gold Prices Near Peak”
March 25, 2024
“When global economic conditions become unpredictable, investors often flock to gold. The yellow metal is trading above $2,100 per ounce. During the first phase of the pandemic, the spot price for an ounce of gold jumped 33% in six months and broke through the $2,000 level. Gold spot prices also spiked above $2,000 in early March 2022 due to the war in Ukraine, and are now at similarly high levels as tension simmers in the Middle East…
Looking ahead, our forecast trading range for gold in 2024 is $2,200-$1,700, and our average forecast for the year is $2,000… As long as geopolitics and global economic uncertainty are part of the market conversation, gold is likely to remain at levels well above the historical averages of $1,120 since 2000 and $1,485 since 2010.”